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Fire & Water - Cleanup & Restoration

Flood Damage Insurance Regulations

6/2/2016 (Permalink)

A House That Has Sustained Extensive Flood Damage

SERVPRO Can Assess Your Storm Damages and Deal With Flood Policy Adjusters and Paperwork

In Oakville, storm damage from flooding can be very disconcerting. You might not know where to begin to get your property back on its way to operating normally, and the peril of flooding has been traditionally uninsurable in the private market of insurance partly due to the massive exposure and risk that flooding can cause.

The federal government enacted a law in 1968 which set up the NFIP, or National Flood Insurance Program, to give residents and commercial property owners assistance that purchased a policy for floods. A majority of flood matters today are run by private insurance carriers. You should, therefore, keep in mind that your regular property insurance plan won’t cover floods. You have to purchase a policy separate from a private insurer. In the end, the Government of the U.S. will repay whatever the private market carrier paid out, plus a service fee for the insurance company who serviced the claim for the flood loss.

There are a lot of complex issues that are involved in the NFIP program when it comes to filing a claim. One of the unique coverage issues directly relates to how “flood” is defined under the NFIP. For it to qualify as a flood, there has to be a temporary and general condition of complete or partial inundation of two areas or more of land that is dry or of two properties from tidal or inland waters overflowing. In other words, a flood is rising water in excess, or mud, on land which is usually dry. The Oakville flood damage can include all kinds of issues that are complex, and will need an expert analysis to prove the damages and support a claim. SERVPRO can accurately assess your damages and help you get the compensation you deserve.

Make sure that you read and understand your policy for flood insurance before you experience a loss from flood damage in Oakville, so you know its limits in scope and amounts of coverage. Keep in mind that the flood adjuster who comes out from your insurance company doesn’t have any real authority, but can only write up a claim and submit for consideration of payment. By hiring SERVPRO to assess the damages and to handle them, you can make sure you have a much better chance at getting the compensation that you deserve. While it can be a bit technical, reading your policy will give you an idea that your insurance adjuster is following the right practices. You should also be quite mindful of the sixty-day provision for filing a proof of loss by the flood so that your claim gets put in on time.

Storm damage in Oakville should be immediately looked at by an experienced team such as SERVPRO of Oakville/Mehlville. Reach us any time by calling (314) 846-0600 so that we can come out and see what damages you have and get you on your property back to normal as soon as possible.

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