Public service announcement regarding tornado claims. was a fire and casualty adjuster for 10 years with State Farm prior to moving back to the Bogg. I thought I might share a few things. It has been 20 years, so there may have been some changes. Assume you have a clean slab after a tornado. We will pretend for easy math that the house is insured for $100,000. Your adjuster or agent will make you a payment of $1000-$2000 as an advance against the personal property claim, this allows you to buy items you quickly need. You typically have coverage for 10% of the home coverage for shed, detached garages, etc. You have up to 5% for debris removal, if incurred. IN this example, debris removal may be slight. You will have to list all your homes contents. Dont stop when you reach your policy limit, the casualty loss is tax deductible. If you list $100,000, and the policy limit is $75,000, you have a $25000 tax write off. It is a good idea before a loss to take several pictures of each room from several angles, both to help you remember things and for proof. You probably need this proof more for the Tax Man than the adjuster. If you have any unusually valuable items, get proof of its existence and value and give a copy to a friend to keep for you, the same places the pictures should be kept. If you have to rent a house till yours is rebuilt, that rent is covered. If you have to drive further to work from the rent house, mileage for the difference is covered. Some of the above percentages may have change since my day, but you get the idea. Hope this helps someone. I have worked ice storms, floods, tornados, hurricanes. It is always tough, but if your family survives, the rest is just stuff.
Posted on: Thu, 01 May 2014 17:23:54 +0000
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