Home and Business owners often mistake water damage as flooding. To most people these two terms would seem to be interchangeable, in the insurance world there is definitely a difference. Most home and business owners policy’s do not cover flood damage. Typical home and business owner policy’s will have some type of exclusionary text similar to these clauses found in a homeowner’s policy:
We do not cover loss to the property described in Coverage A — Dwelling Protection or Coverage B Other Structures Protection consisting of or caused by: Flood, including, but not limited to surface water, waves, tidal water or overflow of any body of water, or spray from any of these, whether or not driven by wind. Water or any other substance on or below the surface of the ground, regardless of its source. This includes water or any other substance which exerts pressure on, or flows, seeps or leaks through any part of the residence premises.
While nearly all flood damage is associated with water damage, not all water damage is associated with flood damage. If you need insurance claim help, we’re here for you…
A typical example of misinterpreted coverage would be a supply line going to a toilet tank burst and releases a substantial amount of water prior to being noticed and the water supply being turned off. As a result the water makes its way from the second floor bathroom, down through the flooring, walls and ceilings below, ultimately ending up in the finished basement. When this loss was discovered, upon further investigation, the owner notices that there is several inches of water in the basement. Although most people would consider their basement FLOODED, it in fact has suffered water damage, NOT Flood Damage.
We at Insurance Claims Specialist, LLC. are experts in this field and are available to help. We can handle everything for you, below are some of the things we do:
1. Thoroughly review your insurance policy to see what coverage applies to your claim.
2. All the dwelling / structure damages are properly documented, estimated and accounted for.
3. All of your personal property damage is properly documented, estimated and accounted for.
4. All paperwork is properly filled out and submitted.
5. All benefits for Additional Living Expenses are accounted for and submitted if applicable.
6. All benefits for Loss of Use, Loss of Rents or Business Interruption that are applicable are accounted for and submitted for payment.
7. We handle all the meetings with the Insurance Company’s Adjusters, Representatives and Vendors. Plus much….much more.
Flooding has specific definitions as defined by the National Flood Insurance Program, commonly called the NFIP.
The NFIP defines flooding as:
A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from one of the following:
* Overflow of inland or tidal waters
* Unusual and rapid accumulation or runoff of surface waters from any source
* Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Standard Home and Business owners property insurance policy’s do not include coverage for flooding. Home and Business owners should seriously consider whether or not they should obtain a flood insurance policy. Flooding can be caused by many things, such as tidal surges, a sudden inundation of water from outside the structure, an overflowing river, pond, stream or other body of water, tsunami, heavy rains and even a ruptured water main that releases large amounts of water that inundate homes or businesses. Hurricanes, winter storms and snow melt are often overlooked causes of flooding.
Nearly 25% of all flood insurance claims that are filed come from outside of high risk areas. Since 1978 the NFIP has paid out nearly 48.1 BILLION dollars for flood damage claims and associated costs with nearly 4 BILLION dollars per year being paid out from 2003-2012. Just a few inches of flood waters can cause tens of thousands of dollars worth of damage. These claims can be substantial with major structural damage if not complete destruction of a structure and its contents, not to mention a potentially huge clean up bill. Contamination from flood waters can pose serious health and safety risks.
Whatever the loss, Insurance Claims Specialist, LLC. is here to help. We’re State Licensed Advocates that work exclusively for you, the Home / Business Owner (the Insured) to ensure that you receive the fullest benefit possible from your insurance company based on your policy, thus maximizing your settlement so you may properly Rebuild, Repair, Replace and / or Clean your property. Our knowledge and expertise makes your life much easier.
As Your Advocate: We do, we’re Industry certified and Licensed to handle ALL these types of claims.