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How does insurance claim works?

How does flood insurance works?

  • We had a flood after the hurricane Irene. House has no basement, so the whole first floor got flooded. 10" of water stayed inside the house for about 3-4 hours. We didn't have to drain it, it just went away by itself (the same way it got in, from the canal). On the first floor we have a living room, laundry room + boiler, small bathroom, one big closet, one small closet and large kitchen; every room has hardwood floors, except kitchen. All the rooms got flooded. Right now we are in the process of filing the claim with the food insurance. We had to move out, since nothing is working (no hot water, washer is not working etc.). I am afraid that the floors will curve with time, even though we dried it. Kitchen will have to be changed completely, since current kitchen is not a solid wood and even though we have dried it, it already got mold in all of the bottom cabinets. All the appliances are not working... I would like to hear some comments on how the insurance process works, since we have never filed insurance claims before? How long will it take to settle case like this? And if someone had similar situation, what the approximate settlement should we expect. And pretty much any kind of input/advise will be more then welcome. Thanks everyone in advance :)

  • Answer:

    Firstly you have to check if you have coverage for that type of flooding. Flooding insurance is very tricky. Some types of water inundation are covered, but not others. If you are near a canal you may not have insurance for flooding due to the canal rising. Best check first. Then they send out an insurance assessor who will assess the damage and depending on the amount of damage, your policy wording and the sum insured (contents and building) you will get a payout. Things that are fixed like the kitchen floors etc are building items, appliances are contents. Sorry about your damage, good luck

ALENKA at Yahoo! Answers Visit the source

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Call your insurance agent, that's going to be the first step. I am going to assume that you have a flood policy, this should be covered but I cannot be certain without seeing your actual policy. As the other post mentions, you are going to need to make certain that you have contents coverage in addition to the building coverage (mortgage companies do not require contents coverage). You need to file that claim immediately. All insurance companies are overwhelmed with claims right now. If you haven't already called this in, you are going to be very low on the list and won't see an adjuster until at least next week.

Casey Y

Your adjuster and agent can talk you through this. Cases like this, the money STARTS coming in a couple of weeks, and doesn't "settle" until either you've made all the repairs (which can take up to a year depending on how busy the contractors are!) or until you've decided not to make all the repairs. There's no way anyone here could tell you, not knowing the house or how big it is, how much it's going to cost to fix all the flood damage. We have no idea if there's going to be a coinsurance penalty applying, for underinsurance the house, or what deductible you have - but I CAN tell you that it won't pay out more than $250,000 - the limit of coverage, for one single family dwelling.

mbrcatz

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