A natural disaster can leave you without a roof over your head and nowhere to turn. If you find yourself looking for temporary housing, here is what you should consider:
Contact Your Insurance Company
Most insurance companies offer coverage for “loss of use.” This means living expenses that include housing costs that are more than your everyday expenses. It’s completely okay to ask your insurance to send you an advance on those expenses.
Two scenarios you might encounter: If your home only needs simple repairs, your insurance will pay for a hotel stay. If your home needs major repairs or rebuilding, you will need more capital to cover your first-month rent and any deposit that comes with that.
Reminder: almost all insurance companies place a time or cash limit for the use of loss coverage. This pressures you to act quickly to get your home up and running.
What kind of rental will your insurance approve?
More likely than not, your insurance company will pay for a rental that is similar to what you currently occupy. However, call your agent before you start looking, and establish an understanding of the reimbursement you may receive.
Tip: in the case you are not happy with what your insurance will pay for, you have the option to put some of your money to rent a more suitable place.
At the Hennessey Group, we work with your insurance to make sure you are taken care when in need of a temporary living solution.
Have your documentation in hand for the Landlord.
Gather and take with you any relevant documents to show the landlord, like:
- Proof of situation. Request a letter from your agent authenticating your displacement from home and the rent reimbursement you will receive from them.
- Proof of employment. Landlords want to make sure that you make enough money to cover the rent. So, reach out to your employer for a letter that attests to your employment and salary/hourly pay.
- Proof of income. In case you are self-employed, bring along your previous year tax returns to show that you make enough money to pay rent.
Be knowledgeable of what you are signing.
Now that you found a place that is suitable for your needs, you will need to sign a lease or rental agreement. Here is a basic understanding of the differences.
A rental agreement
- Runs month to month and self-renews until the landlord or tenant terminates it with proper notice.
- The landlord can raise the rent.
- Ease of 30 days notice to leave
- Set period (6 to 12-month contracts are common)
- Rent cannot be raised within the leasing time
- Monthly rent may be lower due to the leasing commitment
Remember: Rebuilding or repairing a home can take some time. It may take 2-6 months or more depending on labor availability. So, consider your options and lease accordingly.
Let The Hennessey Group Help.
Home repair is already a difficult time for you and your family. The Hennessey Group is here to make it a little less difficult. Our Temporary Housing Specialists address the issues outlined above for you and focus on providing you a temporary solution that feels as close to home as possible.