//How to file a flood insurance claim

How to file a flood insurance claim

How to file a flood insurance claim

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WEBVTT KWEILYN MURPHY TELLS US WHAT YOUNEED TO KNOW ABOUT FLOODINSURANCE.>> I’M VERY LEERY OF LENDERSTELLING PEOPLE, ‘OH YOU DON’TNEED IT.’WHAT THEY MEAN IS, ‘WE’RE NOTREQUIRING IT AS A PART OF YOURLOAN,’ BUT THE NEED FACTOR IS,YOU KNOW, WHEN THE WATER STARTSRISING, YES, YOU DO NEED IT. REPORTER: DOUG MILLS, EXECUTIVEVICE-PRESIDENT AND COO OFGILLIS, ELLIS & BAKER INC.RECOMMENDS THAT EVERYONE LIVINGIN GREATER NEW ORLEANS AND THESURROUNDING REGION HAVE FLOODINSURANCE.BUT HE SAYS DON’T STOP THERE.> IF YOU’RE A PROPERTY OWNER,MAKE SURE YOU HAVE WINDINSURANCE.>> I WOULD ADVISE PEOPLE, SINCEKATRINA, THE POLICIES THAT AREBEING WRITTEN ARE NOT OFTEN,WHAT I WOULD CALL ‘STANDARD.’SOMETIMES WIND IS EXCLUDED,ESPECIALLY ON A COMMERCIALPOLICY.REPORTER: NEXT, DO YOU HAVE ADEDUCTIBLE?>> UNDERSTAND WHAT THAT IS ANDHOW IT APPLIES.IF IT’S A 2% WIND DEDUCTIBLE, 2%OF WHAIN OTHER WORDS, WHAT ARE YOULOOKING AT IN THE EVENT OF ACLAIM? REPORTER: WHAT IF YOU’RE ARENTER?>> AS A RENTER, YOU OBVIOUSLYWOULDN’T COVER THE BUILDING, BUTYOU COULD HAVE CONTENTS THAT YOUNEED TO COVER.REPORTER: SHOULD DISASTERSTRIKE, MILLS SAID YOU SHOULDANTICIPATE HAVING TO PROVE YOURCLAIM.>> AND THERE’S A LOT OFDIFFERENT WAYS YOU CAN DO THIS.YOU CAN VIDEO YOUR INTERIORCONTENTS, OR YOU CAN TAKE STILLPICTURESREPORTER: WHEN IT COMES TOFLOODING AND YOUR CAR, MILLSSAYS YOU WANT TO HAVECOMPREHENSIVE COVERAGE.>> THE STATE REQUIRES THAT YOUCARRY LIABILITY INSURANCE.WELL, THAT DOESN’T COVER THE CARITSELF.REPORTER: YOU’LL WANT TO STARTTHE APPLICATION PROCESS EARLY,IT TAKES ABOUT 30 DAYS FOR YOURCOVERAGE TO KICK-IN.>> SO YOU CAN’T WAIT UNTIL ASTORM POPS INTO THE GULF ANDDECIDE, ‘OH MY GOSH, I NEED TGO BUY SOME FLOOD INSURANCE,’IT’S TOO LATE BY THAT POINT..

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How to file a flood insurance claim

The cost of flooding can be overwhelming. With 50% of flood claims coming in summer months, according to Farmers Insurance, it’s expected that people will have questions about their flood insurance. Here are answers to some of those questions. How much will flooding cost to repair?Just 1 inch of water in a home can cost more than $25,000 in repairs, according to FEMA. A foot of flooding can cost $29,000 in repairs to a 1,000-square-foot home. Will my homeowners and renters insurance cover flood damage?No. Most policies don’t cover flood damage without a specific flood insurance plan. How do I file a claim?To start a claim, you should report your loss immediately to your insurance agent or company and ask them about payments. Your insurance adjuster will want to do an inspection. Prepare by taking photos or videos of the damage before moving anything or throwing anything away. Then work with your adjuster to define what your policy covers, discuss the claims process and determine your next steps. Finally, document your loss and receive your payment so you can begin the recovery process. What if I’m not happy with my claim payment?You should work with your insurer to request additional payments. If those are denied, FEMA has options for you. When should I get flood insurance?It takes about 30 days for flood insurance to kick in, according to insurance experts, so make sure you get flood insurance early. Once an event is imminent, it will be too late to get flood insurance.

The cost of flooding can be overwhelming. With 50% of flood claims coming in summer months, according to Farmers Insurance, it’s expected that people will have questions about their flood insurance.

Here are answers to some of those questions.

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How much will flooding cost to repair?
Just 1 inch of water in a home can cost more than $25,000 in repairs, according to FEMA. A foot of flooding can cost $29,000 in repairs to a 1,000-square-foot home.

Will my homeowners and renters insurance cover flood damage?
No. Most policies don’t cover flood damage without a specific flood insurance plan.

How do I file a claim?
To start a claim, you should report your loss immediately to your insurance agent or company and ask them about payments. Your insurance adjuster will want to do an inspection. Prepare by taking photos or videos of the damage before moving anything or throwing anything away. Then work with your adjuster to define what your policy covers, discuss the claims process and determine your next steps. Finally, document your loss and receive your payment so you can begin the recovery process.

What if I’m not happy with my claim payment?
You should work with your insurer to request additional payments. If those are denied, FEMA has options for you.

When should I get flood insurance?
It takes about 30 days for flood insurance to kick in, according to insurance experts, so make sure you get flood insurance early. Once an event is imminent, it will be too late to get flood insurance.

Flood insurance claim process