The Flood Insurance Claim
Understanding and Recovering from One of Nature's Worst Disasters
Each year floodwaters will rise and numerous properties will be destroyed. Flooding can occur just about anywhere, and other than fire, it is the most common widespread disaster. After the water recedes, the adjusting of flood insurance claims can be a very difficult and trying process.
Although flood insurance claims may seem more complicated, they work much like other claims under property insurance policies. The real challenge lies in the unique nature of flood damage as well as how to deal with the flood adjuster and how to interpret the policy to maximize the flood claim recovery.
Claims for property affected by a flood loss are normally covered by the National Flood Insurance program (NFIP). The NFIP contracts with many insurance companies to sell flood insurance. The insurance company receives a small portion of the premium and generally assigns the adjusting of flood insurance claims to independent adjusters.
The National Flood Insurance Program (NFIP) was created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). It enables property owners in participating communities to purchase insurance protection from the government against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods. Wikipedia
Overall the NFIP is a very fair and necessary program that helps many homeowners and businesses recovery from insurance what would otherwise be uninsured, since standard insurance does not cover flood losses.
Important things to remember are:
- Contents and finished items in basements are excluded from coverage.
- Flood insurance claims are paid on an actual cash value basis – replacement cost less depreciation. However, homeowners building losses can be insured for replacement cost by purchasing additional coverage.
- There is a limit as to how much coverage is made available by NFIP. However, additional coverage can be purchased from private insurance companies, usually at higher premiums than the NFIP rates.
Adjusters International assists in dealing with Flood Loss recovery and insurance mitigation. Our Flood Adjuster prepares, negotiates and settles your claim. Our Flood Adjuster also assists with recovery of losses from water and Flood Claim damage. How do I get what I'm entitled to from my flood damage claim? Call Adjusters International at 888.382.2468!
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Adjusting Today is provided free of charge as a public service by Adjusters International, Inc., disaster recovery consultants. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases.
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