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Loans for NC Tornado Victims


Blog Category:
2/15/2012
Brent Adams
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While repairs are still being made to damage caused last year by Hurricane Irene in eastern North Carolina, Governor Beverly Perdue has requested low-interest loans for western North Carolina residents affected by recent tornadoes.

Tornado Damage: Insurance Repairs

Gov. Perdue requested the loans from the U.S. Small Business Administration. SBA loans are not just for small businesses. SBA loans are also offered through disaster programs to repair or replace physical or economic damage to homes and businesses. Tornado victims in Burke and Rutherford counties have severely damaged homes, and in some cases, are not able to inhabit their homes at all. Over a dozen homes were completely destroyed by the NC tornadoes, and about fifty others were damaged. Repair and replacement costs can be crippling for families, especially if insurance companies deny claims or take too long to reimburse policy holders. Oftentimes homeowners do not realize until they actually suffer property damage and file a claim that insurance companies are not responsible for repairs. The policy may outline the insurance company is responsible for the the cost of repairs--but the actual repair work itself is provided by a trade service provider. Homeowners are responsible for maintaining receipts for all repairs, homeowners are also responsible for choosing the contractors who will complete the work, and homeowners must take whatever measures possible to prevent future loss.

NC Homes Damaged by Tornadoes

To help expedite funding for repairs to the NC homes damaged by tornadoes, if approved, the SBA loans will be available up to $200,000 to homeowners to repair or replace damaged property. Loans up to $40,000 to repair or replace personal property will also be available to homeowners and renters, if approved by the SBA.

Insurance Dispute Attorneys Raleigh

Many North Carolina homeowners are experiencing problems with insurance claims after recent hurricane and tornado damage. If you are having a problem with an insurance claim or if you see there is difference in what your insurance company is paying from what’s outlined in your insurance policy itself, our insurance dispute attorneys in Raleigh, Fayetteville and Dunn will review your case and explain your legal rights.

Category: Insurance Disputes


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