When it comes to weather disasters, tornadoes can be incredibly devastating. Each year in the United States, tornadoes cause around $400 million in damage and kill around 70 people on average. High winds can rip homes and businesses apart, destroy landmarks, flip trains, and send cars and trucks flying. Dallas is especially prone to experiencing these devastating storms, which leave chaos and destruction in their wake.
A West Dallas commercial building that was home to around 36 tenants was devastated by an October EF-3 tornado, leaving tenants unable to pay rent and the building in shambles. The property owner now has no tenants and no income, leaving him with no way to pay off his loan with the bank. Not all hope is lost, however, as the Small Business Administration (SBA) recently opened an office in order to assist tornado victims in determining if they qualify for low-interest loans.
The SBA allows homeowners to borrow up to $200,000 against their homes to repair property damage, as well as receive interest rates starting at 1.5%. The SBA also provides other options for homeowners and renters in need of loans to repair damage to their homes and for their vehicles as well.
Many commercial property owners feel this assistance from the SBA will make a huge difference for local businesses waiting for funds from their insurance companies.
Insurance Claims and Property Damage
If a natural disaster such as a tornado has caused damage to your property, you know how devastating the effects can be. While you’re trying to rebuild, insurance companies can find ways to deny, delay, or dispute your claims. Though policyholders expect insurance companies to act in good faith and honor their contracts, unfortunately, this doesn’t always happen.
Property insurance disputes arise when an insurance company denies a valid claim, often without any valid explanation. Insurance companies make more money when they delay the payment of claims and/or fail to pay claims submitted under policies.
Insurance Recovery Lawyers
At Raizner Law, our insurance recovery lawyers have extensive experience working with clients who have been underpaid, paid late, or wrongfully denied coverage by their insurance companies when they need it the most. We have succeeded in recovering what our clients were entitled to under their policies. Contact Raizner Law today to discuss your situation in a free consultation.