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National Student Services, Inc. -- Student Personal Property Insurance
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tomorrow.
National Student Services, Inc.
provides personal property insurance to students nationwide. Our
policies are effective, easy to obtain, and inexpensive. Your
one-time premium nets you coverage for an entire year, and this coverage
begins the day after you apply. Please browse our site to find more
information, and you may apply right here
on the Web! If you are an existing customer, be sure to check out the
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Property Insurance
Your home is a significant investment, not only in dollars
but in terms of your time and effort. It makes sense to do
everything in your power to protect that investment by insuring
your home and personal property against accidents and unexpected
situations.
We provide solutions to meet most of your home insurance needs.
Our insurance experts can help you decide which options will
give you the most effective financial protection.
Find out more about which type of insurance would best suit
your needs:
Homeowner insurance protects
the home you own and live in. It insures both the building
and your personal property, and includes liability protection.
Condominium owner insurance
protects the condominium you own and live in. It insures
your personal unit and personal property, and also provides
liability protection. This insurance is recommended for
most condominium owners.
Tenant insurance protects your
personal property in the house or apartment that you are
renting. Coverage also includes liability protection.
All products
and services are subject to the terms and conditions of the
applicable insurance contract. In the event of any conflict,
the terms and conditions of the insurance contract will govern.
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PERSONAL PROPERTY INSURANCE, PRICE OF HOUSE INSURANCE, COLORADO HEALTH INSURANCE
Results from search: http://www1.umn.edu/ohr/ohrpolicy/Benefits/insurance.htm
Personal Property Insurance
Human Resources Policies and Procedures
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Benefits
Personal Property Insurance
TO: Faculty and Staff
FROM : Carol Campbell, Controller and Treasurer
SUBJECT : Personal Property Insurance
Several questions have arisen regarding theft, loss, and other damage to
property kept on University premises. Such property would typically include such items as
equipment, supplies, jewelry, and clothing. The University's insurance program covers both
University-owned and employee-owned personal property located on University premises,
subject to a $5,000 deductible and maximum payment of $5 million per occurrence. Motor
vehicles are not covered, and standard policy exclusions apply. Losses are not covered if
they are the result of indirect damage, mysterious disappearance, inventory
shortage,unexplained loss, deterioration, depletion, rust, corrosion, erosion, wear and
tear, inherent vice or latent defect, contamination, settling, cracking, shrinking,
bulging, insects or vermin damage or any nuclear reaction.
UNIVERSITY-OWNED PROPERTY ON UNIVERSITY PREMISES
Since the University's insurance program is only intended to cover catastrophic
losses, the $5,000 deductible on each occurrence is the sole responsibility of the
department sustaining the loss. University funds are not to be used for obtaining
insurance in addition to what is provided by the University's insurance program.
EMPLOYEE-OWNED PROPERTY ON UNIVERSITY PREMISES
A new addition to the University's insurance program covers the personal
property of University of Minnesota employees that is located on University premises.
Subject to the same $5,000 deductible per occurrence, the coverage is considered excess
(secondary) to an employee's property insurance that may apply.
University employees are responsible for the $5,000 per occurrence deductible.
For that reason, employees may wish to obtain specific business premises personal property
insurance in their own homeowner's or renters' property insurance policy, or obtain a
separate property insurance policy. While no endorsement by the University is intended or
implied, an Ohio Company "SAFEWARE" (1-800-848-3469) provides replacement
coverage for employee-owned computers, purchased software and media.
PHYSICAL SECURITY
As always, physical security is the most important consideration in
safe-guarding personal property, whether employee-owned or University-owned. Control over
office and building keys and constant vigilance to ensure that valuable property is locked
up or otherwise safeguarded are vital aspects to reducing the risk of loss. The University
Police Department has initiated several loss prevention programs which are described in
the attachment to this memo.
Additional questions about property insurance coverage may be directed to
Katherine Cram at 624-1053 or Orville Hauge at 625-0062.
VICTIMIZATION AVOIDANCE ASSISTANCE AVAILABLE FROM UNIVERSITY POLICE CRIME
CHECK
On request of the principal person responsible, Police Department personnel on
regular interception patrol will give increased term attention, without charge, to campus
sites which have become situationally and temporarily more vulnerable than ordinary to
crimes against either property or persons.
Illustrative examples include incomplete security arrangements, newly
concentrated or substantial new investments in items commonly targeted by thieves,
temporary lapse in routine presence or oversight (even vacations), threat, incomplete
construction or renovation, and past or recurrent loss.
Advance notice requested, if possible. Contact the Patrol Division Commander
during business hours at 624-3550, the Police Dispatcher on short notice or after hours at
624-7828.
SECURITY SURVEYS
Trained, qualified Police Department personnel are available without charge, on
request of principal persons responsible for University facilities and operations, for the
completion of crime vulnerability assessments including:
* Detailed evaluation of crime resistance needs.
* Development of practical counter-measures.
* Confidential written report, including options.
* Implementation assistance, including training.
Contact Crime Prevention Coordinator at 624-1321 or 624-3550 during regular
business hours.
CRIME PREVENTION PROGRAMS
Crime-specific prevention presentations are available on a wide variety of
subjects from the Police Department, upon request, to all persons in the University
community, and may be varied in length to fit specific time constraints. These range from
one-time, topical discussion formats for small groups (assault, robbery, drug abuse,
fraud, theft avoidance, etc.) to periodic training programs (money handlers) and
orientations. Omnibus programs such as Operation Identification, Campus Watch, Alarm
Consultations, and Office Theft Prevention are particularly recommended.
Contact the Crime Prevention Coordinator at 624-1321 or 624-3350 during regular
business hours for resource or program assistance, including printed information by
subject.
Privacy Statement
© 1998 by the Office of Human Resources, University of Minnesota
The University of Minnesota is an equal opportunity educator and employer.
Results from search: http://www.ag.uiuc.edu/~vista/abstracts/ahouseinv.html
Abstract: Household and Personal Property Inventory Book
Household and Personal Property Inventory Book
61 pages - 653 kilobytes
Download an Acrobat version of this document.
How many of your possessions could you name and describe accurately if an insurance
adjuster asked for a list? No one likes to think about experiencing a household disaster, but taking stock of the items you own is wise protection. A complete and accurate
accounting of your household furnishings and personal possessions can help you sette insurance claims and documenting losses for tax purposes, create an inventory to indicate the monetary value of your belongings for a net worth statement, provide proof of ownership in the case of separation or divorce, and decide how much insurance to carry on household goods.
This publication contains over 40 pages of forms to help you record your possessions. You are encouraged to print them out for your own use.
Subject Areas
VISTA home page
Please read the Copyright Information .
Resources found in the VISTA infobase are published by the Cooperative Extension Service, Agricultural Experiment Station, and individual academic departments within the College of Agricultural, Consumer and Environmental Sciences, University of Illinois. The University of Illinois provides equal opportunities in programs and employment.
Send any comments or suggestions to vistaweb@uiuc.edu
Results from search: http://www.nd.edu/~orlh/housing/insurance.htm
Personal Property Insurance Information
PERSONAL
PROPERTY INSURANCE
The
University assumes no financial responsibility for damages
to, or loss of, personal property of students. Personal
property insurance coverage is recommended for all students.
If a student is not covered by his or her parents' personal
property insurance policy, he or she may check with any
general insurance agency for details of securing such insurance.
Fore
more information on personal property insurance, stop by
our office in 305 Main Building.
This
page last updated:
Tuesday, January 22, 2002
305
Main Building, Notre Dame, Indiana 46556
Phone: 574.631.5878 Fax: 574.631.3954
Copyright
© 2002
University of Notre Dame
Results from search: http://www.insurance.com/insurance_options/home/home_ins_property.asp
Home Insurance - Insuring Property - property insurance at Insurance.com
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BOOKS ON THIS TOPIC
HOME INVENTORY
Insuring Your Property
Why insure your property?
Property insurance covers risk from
loss or damage to your personal property. Even the smallest residence can contain
property worth thousands of dollars--for instance, an entertainment or sound
system, home computer, or jewelry. If a catastrophe struck tomorrow, and you
could afford to replace everything you own, then you may not need property insurance.
If that isn't the case, then it is likely you need it.
Homeowner policies cover personal
property to some extent
In addition to your home,
your homeowners policy also covers personal property, meaning articles you own
other than land and buildings. Your personal property consists of the contents
of your house (like furniture, clothing, and stereo equipment, as well as outdoor
items like sporting equipment and gardening tools). Generally, the limit for
personal property coverage is 50 percent of the dwelling coverage amount.
If you own a condominium or cooperative
unit, your homeowners insurance provides coverage for your personal property
and any portion of the unit you own under the terms of the condominium or cooperative
documents. Similar to a homeowner, you must choose a specific amount of coverage
for the building. It is crucial to determine how much responsibility you have
under the condominium or cooperative documents.
Homeowners policies have set limits
Homeowners policies set specific
dollar limits for particular categories of personal property in a section entitled
Special Limits of Liability. Note that for some categories, the policy specifies
a limit only for theft, not for damage or destruction. The reason is that items
such as jewelry, firearms, and furs are especially susceptible to theft, and
insurance companies want to limit their exposure to these fairly common incidents.
The damage or destruction of these items is less common, and insurance companies
are willing to cover them up to their actual cash value.
Below are some of the standard limits
for particular categories of personal property:
$200 for money, bank notes, bullion,
gold, silver, coins, and metals
$1,000 for securities, accounts,
deeds, letters of credit, notes other than bank notes, manuscripts, personal
records, passports, tickets, and some other related items
$1,000 for the theft of jewelry,
furs, watches, and precious and semi-precious stones
$2,000 for the theft of firearms
$2,500 for the theft of silverware,
silver-plated ware, goldware, gold-plated ware, and pewterware
$2,500 for property at the residence
used for business purposes
$250 for property used away from
the residence for business purposes
Additional coverage
Chances are, the value of many
of your personal belongings exceeds the limits in your homeowners policy. You
have the option of increasing these specific limits by purchasing either a Scheduled
Personal Property endorsement or a floater. You may need an increased jewelry
limit, for instance, for covering engagement or wedding rings. If you buy a
personal property rider, you must be able to verify the cost and condition of
the item. Photos or a video can be used to inventory your property. However,
you should be sure to keep the inventory away from the premises (i.e., safe
deposit box). Professional appraisals are needed for certain items, such as
jewelry, antiques, or camera equipment (beyond a basic camera).
Renters need property insurance,
too
Many renters are under the mistaken belief that they
are covered under their landlord's homeowners insurance policy. This is not
true. Your landlord's policy covers the building itself, not the personal belongings
of you or other tenants. The fact that you pay rent instead of a mortgage payment
doesn't make your personal possessions any less valuable. By taking out a renters
insurance policy, you can cover your personal property from loss or damage that
results from broken pipes, fire, theft or any other event specified in the policy.
Renters insurance also protects you
from liability claims against you if someone suffers an injury or property damage
because of something you did or didn't do. For example, if you forget to turn
your stove off, and your apartment catches fire and destroys the building, you
could be held liable by the landlord. Your renters insurance policy provides
liability protection.
In addition to protecting you from
property loss or damage and liability claims, renters
insurance (HO4) is very reasonably priced.
Protect your possessions wherever
they are
Property insurance may protect your possessions wherever they are. For example,
if you are on vacation and lose a valuable item, as long as the loss is by a
covered peril or event, in most cases the location doesn't matter. Your policy
will specify covered perils and events.
How much property coverage do
you need?
To determine how much property insurance coverage you need, make an inventory
of all your home's contents. Don't forget to include furniture, appliances,
jewelry, artwork, and the contents of your closets, cabinets and the toy chest.
When possible, list the serial number, date and cost of purchase. Include receipts
if possible. An easy way to inventory your possessions is to use a video camera
or take photos. When using a video camera, you can talk about the specific items,
their cost, and when you bought them. Ideally, you would want enough insurance
coverage to replace your possessions if they were destroyed.
Keep a copy of your inventory in
a location away from your home, like a safety deposit box, or maybe even with
your insurance agent. This way, if your home is destroyed, your inventory list
will be safe at another location. When you make major purchases, remember to
add them to your inventory and check with your insurer--you may need to increase
your coverage levels.
Two methods to determine value
Insurance
companies use one of two methods to determine the value of property:
Replacement cost--pays you the
cost of replacing damaged property, with no deduction for depreciation, but
with a maximum dollar amount.
Actual Cash Value--pays you an
amount equal to the replacement value of damaged property minus a depreciation
allowance.
Unless a policy specifically states
that property is covered for its replacement value, coverage is for the lower,
actual cash value. Check your policy, or ask your insurance agent or representative
if you are not sure what level of coverage you have.
Periodically review your existing
coverage
Review your existing homeowners or
renters policy to make sure you have enough coverage for all valuable possessions.
Periodically review your coverage to make sure it is keeping pace with new purchases
and/or gifts you have received.
©1999-2000 Forefield Inc. All rights reserved.
Results from search: http://www.sa.ua.edu/housing/propertyinsure.htm
student personal property insurance
Student Personal Property
Insurance
While we have a low incidence of fire and theft in our housing
facilities, we recommend this insurance vendor if your property is not covered under your
parent's homeowner's policy. This information taken from the N.S.S.I. brochure available
in the Housing Office.
Student Personal Property Plan
National Student Services, Inc. has designed a full service, low
cost program to specifically protect the personal property of students living in residence
halls, fraternity or sorority houses or off-campus apartments or houses. National Student
Services, Inc. has been providing property insurance programs to thousands of students
across the country since 1971.
Theft & Fire - Are You Covered?
What would you do if all your personal possessions computers,
stereo, TV, calculator, typewriter, clothing, books, camera, etc. were stolen or destroyed
by fire? It has happened to many college and university students, and it could happen to
you. It makes sense for you to take stock of what you have and prepare to prevent its
loss.
Losses Covered
We cover all loss or damage occurring to personal property you
own during the policy period. Our coverage applies only to property located within your
residence. If you live in an apartment complex or a dormitory, your residence is defined
as "within your rooms." We also cover personal property you have leased for a
period of at least 90 days. Limited coverage applies to property elsewhere. There is no
coverage for mysterious disappearance (unless stolen), mechanical or electrical breakdown,
wear or tear, corrosion and rust, breakage, earthquake, flood, nuclear war, or
governmental seizure. We pay claims on an Actual Cash Value basis (replacement costs less
depreciation).
What About Coverage Under My Parents' Homeowners Policy?
If you have questions about your parent's homeowners policy, show
this brochure to your agent and ask for advice. Every year hundreds of insurance agents
contact us for enrollment applications for their clients. No homeowner's policy provides
the low deductible "all-risks" type of coverage offered through our Student
Personal Property Plan.
How To Obtain Coverage
To obtain coverage, print out the application form (using your printer and web browser's
printer command) and carefully complete it. Make your check payable to N.S.S.I. and mail
it with your application to:
National Student Services, Inc.
P.O. Box 2137
Stillwater, OK 74076
Your policy will be mailed directly to you within 4 - 8 weeks.
Coverage is effective twenty - four (24) hours after the postmark on your application.
Your cancelled check is proof of coverage. This is a guaranteed no-risk program. When you
receive your policy, take up to thirty (30) days to review it. If for any reason you
change your mind, just return the policy within thirty (30) days and your premium will be
immediately refunded. Cancellations after the thirty day period are subject to a $20
minimum retained premium to cover administrative costs.
Questions?
If you have questions about our program, just call National
Student Services toll free at l-800-256-6774. You'll get fast answers and clear
instruction - all claims receive prompt attention by qualified claims personnel.
For questions regarding claims call 1-800-677-0215.
Coverage
The basic Student Personal Property Plan supplies
$2,000 of coverage for a twelve (12) month period. You may purchase additional coverage in
units of $500 at a cost of $8 per unit. You may select a $25, $50, $100 deductible. The
deductible amount is simply the amount of loss you agree to absorb in the event you file a
claim. The cost of your insurance policy depends on the amount of coverage you purchase
and the amount of the deductible you select. Choosing a higher deductible lowers the
annual cost of your policy (i.e., $2,000 policy / $25 deductible costs $32 per year;
$2,000 policy / $100 deductible costs $22 per year). The table indicates the cost of the
policy with various deductible options.
Cost of Insurance for Twelve Months (Premium)
Amount
of Policy
Amount of Deductible
$25
$50
$100
$2,000
$32
$27
$22
$2,500
$40
$35
$30
$3,000
$48
$43
$38
$3,500
$56
$51
$46
$4,000
$64
$59
$54
$4,500
$72
$67
$62
$5,000
$80
$75
$70
$5,500
$88
$83
$78
$6,000
$96
$91
$86
Amount
of Policy
Amount of Deductible
$25
$50
$100
$6,500
$104
$99
$94
$7,000
$112
$107
$102
$7,500
$120
$115
$110
$8,000
$128
$123
$118
$8,500
$136
$131
$126
$9,000
$144
$139
$134
$9,500
$152
$147
$142
$10,000
$160
$155
$150
Each additional $500 unit of coverage is $8
Property Covered
The Student Personal Property Plan covers your personal property
within your residence or when property is located in a personally-owned automobile. Theft
loss from your car requires evidence of forced entry. Examples of property covered in the
basic policy:
Clothing: Coats, shoes, jeans, shirts. sweaters, etc.
Linens: Sheets, towels, etc.
* Musical Instruments: Guitars, violins, etc.
* Jewelry: Rings, watches, etc.
Furniture: Chairs, tables, sofas, beds, etc.
Textbooks: School supplies
* Photographic Equipment: Cameras, lenses, etc.
* Bicycles
* Electrical: VCR, stereo, television, refrigerator, hair dryer, microwave, etc.
* Computers: Computer, keyboard, mouse, printer, word processors, etc.
Sports Equipment: Tennis racquet, golf clubs. skis, etc.
*Limited coverage applies to certain items and locations, see the
Special Provisions section below.
Property Not Covered
Some items are excluded from coverage:
Automobiles, motorcycles, boats, motors, mopeds, or other
conveyances or their accessories (including car stereos and cellular phones)
Airline tickets or other tickets
Salesman's samples
Merchandise for sale or exhibit
Theatrical property of any kind
Physician's instruments (unless a student of medicine
Property specifically or otherwise insured by a similar student
property insurance
Money, currency, notes, deeds, accounts, documents, securities,
evidence of debt, letters of credit
Animals
Musical instruments played for remuneration
Contact lenses
Artificial teeth or limbs
Property of others in the care, custody and control of the insured
Items left in storage unless stated in the Special Provisions
section (this includes summer storage)
Special Provisions
Coverage for all electronic appliances or devices (i.e.,
computer, microwave oven, stereo, etc.) is limited to $200 for any one loss, UNLESS you
list the items on the Scheduled Items form on this application. By placing the items on
the Schedule, you will obtain coverage up to or equal to the amount you declare as the
approximate value.
Coverage for cameras and related equipment is limited to $100 per
loss, UNLESS listed as Scheduled Items. By placing the items on the Schedule, you will
obtain coverage up to or equal to the amount you declare as the approximate value.
Loss or damage to stereo disks, records, albums or cassette tapes
is limited to $100 for any one loss.
Coverage for property located elsewhere on campus in a locked
compartment is limited to $100 per loss. Items in storage OFF-CAMPUS are not covered. We
do not cover property in any storage during the summer.
Coverage for jewelry is limited to 10% of the total policy amount
(i.e. $2,000 policy allows $200 jewelry coverage).
Bicycles are covered only when located within your residence and
only when listed as a Scheduled Item.
The total value of your Scheduled Items must not exceed 75% of the
amount of the policy you intend to purchase (i.e., the basic $2,000 policy allows the
total value of Scheduled Items to be up to $1,500). If your Scheduled Items total is more
than the 75% figure, you may purchase additional insurance coverage in $500 units.
Definition of Loss: Any one incident in which one or more items
of personal property is damaged, destroyed or stolen.
How To Obtain Coverage
Results from search: http://www.sba.gov/gopher/Disaster/homeall.txt
Disaster Assistance Loans for Homes & Personal Property
SBA
U.S. Small Business Administration
America's Small Business Resource
The Facts About...
Disaster Assistance Loans for Homes & Personal Property
If you are in a declared disaster area and are the victim of a
disaster, you may be eligible for financial assistance from the
U.S. Small Business Administration - even if you don't own a
business. As a homeowner, renter and/or personal-property
owner, you may apply to the SBA for a loan to help you
recover from a disaster.
This brochure describes the type of assistance available and
answers the most frequently asked questions about the SBA's
disaster-assistance program for individuals. Where practical,
assistance with completing the application will
be available.
Assistance Available
As an individual, there is one basic loan, with two
purposes, available to you:
Personal Property Loan: This loan can provide a homeowner
or renter with up to $40,000 to help repair or replace
personal property, such as clothing, furniture,
automobiles, etc., lost in the disaster. As a rule of thumb,
personal property is anything that is not considered real
estate or a part of the actual structure. This loan may not
be used to replace extraordinarily expensive or irreplaceable
items, such as antiques, collections, pleasure boats,
recreational vehicles, fur coats, etc.
Real Property Loan: A homeowner may apply for a loan of up
to $200,000 to repair or restore their primary home to
its pre-disaster condition. The loan may not be used to
upgrade the home or make additions to it. If, however, city
or county building codes require structural improvements,
the loan may be used to meet these requirements. Loans
may be increased by as much as 20 percent to protect the
damaged real property from possible future disasters of the
same kind.
Note: A renter may apply only for a personal property loan.
Insurance Proceeds: If you have insurance coverage on
your personal property/home, the amount you will receive
from the insurance company will be deducted from the
total damage to your property in order to determine the
amount for which you are eligible to apply to the SBA.
If you are required to apply insurance proceeds against
an outstanding mortgage, the amount applied can be included
in your disaster loan. If, however, you voluntarily apply
insurance proceeds against an outstanding mortgage, the
amount applied cannot be included in your disaster loan.
If you have not made a settlement or are having trouble
reaching an agreement with your insurance company, you
may apply for a loan in the full amount of your damages
and assign any insurance proceeds to be received to the
SBA.
Interest Rates on Loans: The law requires a test of your
ability to obtain funds elsewhere in order to determine
the rate of interest that will be charged on your loan.
This credit-elsewhere test also applies to applicants
for both personal property and real property loans.
Applicants Who Can Obtain Credit Elsewhere:
The interest rate to be charged is based on the cost of
money to the U.S. government, but will not be more than
8 percent per year.
Applicants Determined Unable to Obtain Credit Elsewhere:
The interest rate to be charged will be half of the interest
rate charged to applicants determined to be able to obtain
credit elsewhere, but will not be more than 4 percent per
year.
Term of Loan: The maximum maturity, or repayment term of
an SBA loan, is set at 30 years. However, the SBA will
determine repayment terms on a case-by-case basis according
to your ability to repay.
Frequently Asked Questions About SBA Loans
Q. How much can I borrow?
A. The amount of money that the SBA will lend you will
be based upon the actual cost of repairing or replacing
your home and/or personal property, minus any insurance
settlements or other reimbursements or grants. The total
loan amount is subject to the limits set out above.
Q. Must I use my own money or try to borrow from a bank
before coming to the SBA?
A. No.
Q. I already have a mortgage on my home. I can't afford
a disaster loan plus my current mortgage payment. Can the
SBA refinance my mortgage?
A. In certain cases, yes. The SBA can refinance all or part
of prior mortgages, evidenced by a recorded lien, when the
applicant: 1) does not have credit available elsewhere;
2) has suffered substantial uncompensated disaster damage
(40 percent or more of the value of the property); and 3)
intends to repair the damage. An SBA disaster loan officer
can provide more detailed information on your specific situation.
Q. What information do I need to submit for a home and/or
personal property loan?
A. The necessary information is specified in the loan
application. In all cases, it includes an itemized list
of personal property losses with the repair or replacement
cost of each item. It also includes permission for the
IRS to give the SBA information from your last two federal
income tax returns. If you have pictures of the
damaged property, you can include them as well.
Q. Will the SBA check the losses I claim?
A. Yes. Once you have returned your loan application, an
SBA loss verifier will visit you to determine the extent
of the damage and the reasonableness of the loan request.
Q. How soon will I know if I qualify for a loan?
A. That depends on how soon you file a complete SBA loan
application. The SBA disaster relief program is not an
immediate emergency relief program such as Red Cross
assistance, temporary housing assistance, etc. It is a
loan program to help you in your long-term rebuilding
and repairing. To make a loan, we have to know the
cost of repairing the damage, be satisfied that you can
repay the loan, and take reasonable safeguards to help
make sure the loan is repaid. The SBA loan application
asks for the information we need. The faster you return
it with all the needed information, the faster we can
work on it. We try to make a decision on each complete
application within seven to 21 days. Applications filed
early can be completed in a much shorter time. We
process applications in the order received, so file
early. Be sure your application is complete; missing
information is the biggest cause of delay.
Q. How soon can I expect the money?
A. Loans over $10,000 have to be secured. We won't
decline a loan just because you do not have enough
collateral, but we do ask for whatever collateral is
available. This means that after a loan is approved
there are other steps you must take. Usually, the
security consists of a first or second mortgage on the
damaged real estate. After we approve the loan, we
will tell you what documents are needed to close the
loan. You return the loan-closing documents to us, we
can order the checks. You will receive the money in
installments as you need it to repair or replace the
damage.
Q. Should I wait for my insurance settlement before I
apply to the SBA?
A. No. If you do not know how much of your loss will be
covered by insurance or other sources, the SBA will con-
sider making a loan for the full amount of the loss, up
to our loan limits, provided that you assign the insurance
check to the SBA to reduce the amount of the loan.
Q. I would like to get a contractor's estimate for the
cost of repairing damage to my home, but I'm having
trouble finding one. Should I hold up my application
until I get the estimate?
A. No. You might miss the deadline for filing your appli-
cation while waiting for a contractor's estimate. If you
have an estimate, include it. The SBA will verify any
damage estimates listed on your loan application. Also,
the sooner you file a completed application, the sooner
the SBA can process it.
Q. If I receive a disaster loan, may I spend the money
any way I want?
A. No. The disaster loan is intended to help you return
your property to the same condition it was in before the
disaster. Your loan will be made for specific and
designated purposes. Remember that the penalty for
misusing disaster funds is immediate repayment of one-and-
a-half times the original amount of the loan. The SBA
requires that you obtain receipts and maintain good
records of all loan expenditures as you restore your
damaged property and that you keep these receipts and
records for three years.
Q. If my home is completely destroyed, can the SBA lend me
money to relocate my home somewhere else?
A. If you are unable to obtain a building permit to
rebuild or replace your home at its original site, the
cost of relocating your home might be included in the
loan amount. If, however, you decide to relocate your home
without being required to, an SBA loan can be obtained
only for the exact amount of the damage. SBA can not make
loans involving some relocations. An SBA disaster loan
officer can provide more detailed information on
your specific situation.
Q. I am a farmer. My home was damaged, and so were my
barns, fences, and some of my crops. Am I eligible to
apply for SBA assistance?
A. You may apply to the SBA for a loan to cover the damage
to your home and its contents only. But it may be in your
interest to seek assistance first from the U.S. Department of
Agriculture for all your damage.
Q. Are secondary homes or vacation homes eligible for
loans?
A. No, not as homes. They may be eligible for business
disaster loans under certain conditions.
Q. Are there any other limitations?
A. Yes. Generally, loans will not be made for damage to
personal pleasure boats, planes, recreational vehicles,
antiques, collections, etc. Also, amounts for landscaping,
family swimming pools, etc., are limited.
Q. Is there a minimum monthly payment, and when would the
first payment be due?
A. The SBA does not have a minimum monthly payment. Payments
vary depending upon income and expenses, size of family and
other circumstances that may affect your repayment ability.
Generally, the first payment is not due until five months
after the date of the loan.
Q. I had to remove debris from my property after the
disaster. Can this expense be included in my loan
application?
A. Yes, but your own labor and that of family members
cannot be included. Amounts paid to others and any
equipment rental can be listed as part of repairs to real
estate. Remember that the maximum loan limit on real
estate damage is $200,000, and debris removal is
included in the limit.
Q. May people over the age of 65 apply for help from the SBA?
A. Yes. Loans are made without regard to age.
Q. I've heard that SBA loan applications are complicated
and hard to complete. Is this true?
A. No. The application form asks you the same information
that any bank would request before lending you money. If
you need help, SBA disaster personnel are available to ex-
plain the forms and give you assistance at no charge. You
may use the services of accountants or attorneys if you
wish, but be sure they are reliable and that their fees
are reasonable. If you choose to use an attorney or an
accountant, you must report those fees on your SBA loan
application form.
Q. Are damages to cars and mobile homes eligible?
A. Generally, yes. The loan would be only for uninsured
losses.
Q. Do I need flood insurance to get a loan?
A. If you are in a special flood hazard area, you must
have flood insurance before we can disburse a loan. The
amount of insurance required is the insurable value of
the property in the special flood hazard area but not to
exceed the maximum flood insurance available under the
National Flood Insurance Act.
For More Information
The SBA delivers loans through four disaster area offices
located in Niagara Falls, N.Y.; Atlanta, Ga.; Fort Worth,
Texas; and Sacramento, Calif. When a disaster occurs, infor-
mation on SBA assistance is available through a toll-free
number published locally.
SBA offices are located in all 50 states, the District of Columbia,
Puerto Rico, the U.S. Virgin Islands and Guam. For the office
nearest you, look under "U.S. Government" in your telephone
directory, or contact:
*Phone: 1-800 U ASK SBA
*Fax: 202-481-6190
*E-mail: answerdesk@sba.gov
*TDD: 704-344-6640
*Your rights to regulatory fairness: 1-888-REG-FAIR
*Internet:
SBA Home page: http://www.sba.gov
Gopher:http://www.sba.gov/gopher
All of the SBA's programs and services are provided to the public
on a nondiscriminatory basis.
SBA No. DA-1 (02/01)
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