By Amy E. Feldman
PHILADELPHIA (CBS) – The bad news keeps coming for victims of the Washington landslide.READ MORE: Supply Chain Shortage Leads To Some Philly Area Hardware Stores Being Overstocked With Winter Weather Products
While the residents may soon be receiving federal disaster funds, that probably won’t be enough to cover mortgages on homes that can’t be rebuilt and are effectively worth nothing.READ MORE: Woman Beaten To Death With Pipe In Old City 'Workplace Violence' Attack, Sources Say
While some banks have said they’ll work with homeowners, they are not coming out and saying they’re going to simply write off the entire home loan, which may leave those who have already been hit by the catastrophe no choice but to declare bankruptcy.
Here’s the thing: while most insurance covers fires and falling tree limbs, many natural disasters, like hurricanes, floods and earthquakes, aren’t covered under standard policies.MORE NEWS: 2 Killed In Camden County Crash Involving Fire Truck
So here’s what to do: take a look at the first page of your homeowner’s policy which, by law, has to state in plain English what is covered and what the payout limits are. If you live in an area prone to a particular type of event like hurricanes or floods, look for coverage and if you don’t see it, call your insurance company now so you don’t first face a natural disaster and then a financial one.