• The morning after: 3 things homeowners should do now

    As homeowners start to assess the water and wind damage to their properties after Hurricane Sandy, they'll need to know the ins and outs of their insurance. Robert Hartwig of the Insurance Information Institute has tips on navigating your storm coverage.

    By Martha C. White

    A lot of homeowners in the Northeast woke up today and confronted the specter of flooded structures, fallen trees and other serious property damage. Last year's Hurricane Irene clocked in as the fifth most expensive hurricane in history, with $19 billion in damages, and Sandy's impact is expected to be even larger.

    Robert Hartwig, president of the Insurance Information Institute, said homeowners who suffered damage from Superstorm Sandy should take a few steps immediately. Here's what you need to do to get repairs under way.

    • While Hartwig recommends a sit-down with an insurance agent once a year to go over coverage types and levels, many of us don't do that, so the first step is reading your policy to find out whether or not you have covered claims. While wind causes some damage to homes, cars and other property, the big issue is flooding. Flooding is responsible for more than 90 percent of property damage inflicted by natural disasters, although it isn't covered in most homeowners' insurance policies.
    • Inspect your home, take pictures of any structural or property damage as soon as possible and pull together a list of damaged property along with, if possible, how much those items were worth. Gathering all that information quickly will help your claim get processed faster, Hartwig said. Homeowners who file their claims right away can expect to meet with an adjuster in just a few days, so people who file today could meet with an adjuster by the end of the week. If your home is too badly damaged to inhabit, some insurance companies can give you money for temporary living expenses on the spot. 
    • To get rebuilding under way, shop around for estimates from contractors. Even though you'll be anxious to get your house and your life back to normal, it's important to conduct due diligence and make sure that whoever's handling the repairs is reliable. Unscrupulous contractors prey on the victims of natural disasters, so ask friends or family for referrals, and be sure to check the contractor's references.

    More money news:

    Follow TODAY Money on Twitter and Facebook 

     

  • Heating tax credit burning out

    Workers install solar panels on a houseMsnbc.com's Bill Dedman writes:

    Taxpayers have only until the end of the year to qualify for a $1,500 federal tax credit for new windows, insulation and other home energy improvements. The credit can reduce a tax bill by 30 percent of purchases up to $5,000, for a maximum saving of $1,500 per home.

    Eligible products for 2010 include certain exterior doors and windows, skylights, water heaters, central air conditioners, electric heat pumps, furnaces, boilers, air circulating fans, insulation, roofing materials.

    A separate list of products can be purchased through 2016: geothermal heat pumps, solar electric and solar water heating units, wind energy systems, residential fuel cell systems.

    The deadline: The products need to be placed in service by Dec. 31, meaning they have to be installed before the New Year begins, not just purchased by then.

    Other limitations: The products have to be used in a primary residence, which can be a new or existing home. If you used the full $1,500 tax credit in 2009, you cannot use it again in 2010. And there's only one $1,500 credit, not a separate credit for each item: If you use it for windows, you can't use it again for insulation.

    Although Congress, in its recent extension of the Bush-era tax cuts, extended this program until 2011, it also capped the program for 2011 at $500. And only 10 percent of the cost of improvements is covered, so this next week remains the last chance to qualify for the $1,500. The new $500 limit is also a "lifetime" limit, meaning anyone who took advantage of $500 of more since the beginning of 2006 can't use any of the $500 next year. There are other restrictions as well, such as a $200 limit for windows.

    Details on the current program are here.

    Related links: Energystar.org, for eligibility requirements, products and limitations.
    Dsireusa.org, the Database of State Incentives for Renewables and Efficiency, lists other state and local programs.
    Energytaxincentives.org, the Tax Incentives Assistance Project helps taxpayers take advantage of the tax credits.
    This page has details on changes in the program for 2011.