Hurricane Ida hit the coast in Louisiana on August 29 as a Category 4 hurricane. first death reported in Prerivil due to injuries sustained by a fallen tree. Now weakened to a tropical storm as it heads for Mississippi. [at press time]According to local utility companies, the disaster left just over 1 million homes without electricity due to a dangerous combination of heavy rains and high winds that blew off roofs and caused extensive flooding.
The National Hurricane Center said the rain and storm surge “resulted in disastrous strikes along the southeast coast of Louisiana.”
According to a CoreLogic report released last week, 941,392 homes were at risk of the storm surge from Hurricane Ida, and the total reconstruction cost (RCV) was about $ 220.37 billion.
“Atmospheric conditions are very favorable for a quick boost after Ida leaves Cuba on Saturday Sunday,” said Dr. Daniel Betten, meteorologist and senior chief of meteorology at CoreLogic, in a statement last week. “Ida will also pass through an extremely warm loop current that is known to contribute to the rapid intensification of hurricanes in the central Gulf of Mexico, the most famous of which were Hurricanes Katrina and Rita in 2005.”
President Biden approved a major disaster declaration in Louisiana. Those affected by the hurricane can now visit the Federal Emergency Management Agency (FEMA) to ask for help…
In terms of reporting hurricane damage to insurance companies, the Louisiana Department of Insurance is proposing the following steps. WDSU:
- Contact your agent or insurance company
- Keep all receipts for minor repairs.
- Take videos and photographs of damage and household property.
- Retain damaged items for a Claims Officer so you can get your lost funds back.
Freddie Mac provides resources to those hit by the hurricane by reminding homeowners that safety, not payments, is a priority.
“Together with our mortgage service providers, Freddie Mac is committed to providing immediate mortgage assistance to those affected by Hurricane Ida, ”said Bill Maguire, Freddie Mac’s vice president of portfolio management for selected families.
“Once safe, homeowners whose homes have been damaged should contact their mortgage service agent — the company they send their monthly mortgage payments to as soon as possible — to discuss available mortgage assistance options, Maguire added. “This also includes homeowners whose jobs have been affected, resulting in financial hardship that prevents them from making their monthly payment.”
Freddie Mac has several options for short-term mortgage waiver for up to 12 months. When homeowners are ready to pay off missed payments, they can:
- Recover your mortgage by paying a lump sum to get back to normal quickly.
- By entering into a repayment plan, paying more each month on top of your existing mortgage payment to offset missed payments
- Obtaining a deferred payment with the addition of missed payments to the end of the mortgage term without interest and penalties
- Loan change if a reduced mortgage payment is required
For brokers and agents in need of assistance, REALTORS® Relief Foundation raises funds for victims of natural disasters, including wildfires, tornadoes, floods and hurricanes.
To continue assisting clients in navigating natural disasters, real estate practitioners can visit their local REALTOR® association for resources and training. Louisiana REALTORS®, for example, provides permanent Flood Risk and Recovery Series, in collaboration with FEMA of the Louisiana Department of Transportation and Development, which offers information on flood insurance, disaster preparedness and recovery.
This is an evolving story. Stay tuned for updates on RISMedia.
Liz Dominguez is Senior Online Editor at RISMedia. Send her your real estate news ideas to firstname.lastname@example.org…