News: Hurricane Beryl Recovery





Navigating Insurance Claims and Avoiding Scams After a Natural Disaster

In the wake of Hurricane Beryl, many Texas Bay Credit Union members are dealing with the challenging process of recovering from property damage. Filing insurance claims and securing your home can be daunting, especially when facing potential scams. Texas Bay Credit Union is committed to supporting our community during these difficult times by providing essential guidelines and financial assistance options, such as our Home Equity Line of Credit (HELOC) and Personal Loans.

 

Filing an Insurance Claim: Essential Steps

Taking immediate and thorough action is crucial when filing an insurance claim. Follow these steps to ensure your claim process is smooth and effective:

  1. Contact Your Insurance Company: Contact your insurance company or agent as soon as possible. Document all communications and be prepared to describe the extent of the damage.
  2. Document the Damage: Make a comprehensive list of damaged property and take photos or videos. Dispose of damaged items only after you have spoken with your insurance company or adjuster.
  3. Protect Your Property: Cover broken windows and holes to prevent further damage. This will also help protect your property from rain, vandalism, or theft.
  4. Ask About Living Expenses: If your home is uninhabitable due to damage or power outages, ask your insurance provider about coverage for additional living expenses.
  5. Proof of Deductible Payment: Keep proof that you have paid your deductible, as it is illegal for contractors or roofers to waive or rebate the deductible amount.
  6. Report Damage to Authorities: In addition to your insurance claim, report the damage to the Texas Division of Emergency Management through the iSTAT Damage Surveys to ensure Texas receives adequate recovery funds.

 

Avoiding Contractor Scams

Unfortunately, natural disasters can attract unscrupulous contractors looking to take advantage of vulnerable homeowners. Protect yourself by following these guidelines:

  1. Get Written Estimates: Ensure all estimates are on company letterhead with clear contact information.
  2. Compare Multiple Bids: Obtain more than one bid to identify excessively high or suspiciously low prices.
  3. Check References: Verify references and phone numbers. Be cautious of contractors who only provide out-of-town references or solicit door-to-door.
  4. Payment Terms: Avoid paying in total upfront and withhold the final payment until the job is satisfactorily completed.
  5. Understand Contracts: Thoroughly read and understand all contracts before signing. Never sign contracts with blank spaces to be filled in later.


For assistance with filing your insurance claim or to speak with our insurance agents, please contact:

Lorrie Freeman
Phone:  713-852-6821
Janette  Cisneros
Phone:  713-852-6832
Asistencia para miembros que hablan español


Financial Assistance from Texas Bay Credit Union

In addition to guiding you through insurance claims and avoiding scams, Texas Bay Credit Union offers financial solutions to help you rebuild and recover. Our Home Equity Line of Credit (HELOC) and Personal Loans provide flexible funding options tailored to your needs.

 

Home Equity Line of Credit (HELOC)

A HELOC allows you to borrow against the equity in your home, providing a revolving line of credit that you can use for major repairs, renovations, or other expenses related to hurricane recovery.

  • Flexible Funding: Access funds as needed, only paying interest on the amount you use.
  • Competitive Rates: Benefit from lower interest rates compared to traditional loans.
  • Tax Advantages: Interest paid on a HELOC may be tax-deductible (consult your tax advisor).

 

Personal Loans

If you do not have sufficient home equity or prefer an unsecured option, consider a Personal Loan. These loans offer:

  • Fixed Interest Rates: Enjoy predictable monthly payments with fixed rates.
  • No Collateral Required: Secure funding without using your home or other assets as collateral.
  • Quick Approval: Get funds quickly to address immediate needs.

 

Why Choose Texas Bay Credit Union?

At Texas Bay Credit Union, we understand the importance of community support, especially in times of crisis. Our dedicated team is here to provide personalized financial solutions, expert advice, and compassionate service to help you navigate the aftermath of Hurricane Beryl.

 

Our Commitment to You

  • Member-Focused Service: Your needs and well-being are our top priority.
  • Experienced Counselors: Our knowledgeable staff offers guidance on insurance claims, financial planning, and more.
  • Local Expertise: As a local credit union, we understand the unique challenges faced by our community and are equipped to provide relevant support.


Texas Bay Credit Union stands by its members in times of crisis, offering the financial support and guidance needed to rebuild and recover. Whether you need assistance with insurance claims, protecting yourself from scams, or securing funds through a HELOC or Personal Loan, we are here to help.

 

FAQs

 

Q  What is a HELOC, and how can it help me after a hurricane?

A  Home Equity Line of Credit (HELOC) loan uses your home's homes as collateral. It provides flexible access to funds that you can use for repairs, renovations, or other hurricane-related expenses.


Q  What should I do if I suspect a contractor scam?

A  If you suspect a scam, stop all communications with the contractor and report them to local authorities. Verify all information and references before proceeding with any contractor.

 

Q  Can I apply for a personal loan if I don't have some equity?

A  Yes, Personal Loans are unsecured loans that do not require collateral. They are an excellent option for those who need immediate funds without tapping into home equity.

 

Q  How can Texas Bay Credit Union assist me with my insurance claim?

A  Our Insurance team can provide guidance on filing your insurance claim, help you understand your policy, and connect you with trusted insurance agents for personalized assistance.

 

Q  Are there any tax benefits associated with a HELOC?

A  Interest paid on a HELOC may be tax-deductible. Consult your tax advisor to understand how this applies to your specific situation.

 

 

Disclaimers:

Texas Bay Credit Union and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before making any tax-related decisions.

Insurance products are: NOT A DEPOSIT. NOT FEDERALLY INSURED. NOT AN OBLIGATION OR GUARANTEED BY THE CREDIT UNION, ITS AFFILIATES, OR ANY GOVERNMENT AGENCY.