Flood Damage, Here's What You Should Know Before Filing a Claim
Like many Floridians, you know the weather can range from sunny days to hurricane season. Hail, wind, storms, and floods can happen quickly and sometimes with little warning. Many Florida insurance carriers will cover flood damage. Unfortunately, the coverage may be limited or there may be exclusions in the policy. Both situations can cause numerous problems when it comes time to file a claim.
Understanding Your Flood Coverage
It’s essential to know whether your homeowner’s policy covers flood damage or not. If it does cover, it’s critical to understand the claim process and how much your insurer cover. After you file your claim, a claims adjuster will examine the flood damage during an investigation at your home. They’ll confirm the extent of damage and determine what your policy will cover.
Is your policy an All Risk (Open Peril) or Named Peril policy? You need to know. A Named Peril policy limits your coverage. A peril is viewed as the cause (fire, water, wind, etc.) of a loss.
RCV vs. ACV
Knowing how Replacement Cost Coverage differs from Actual Cash Value will allow you to have a clearer understanding of the payout you may receive. RCV means that depreciation won’t be factored into your property’s replacement value. You’ll get the full value of the damaged property, minus your deductible. ACV subtracts depreciation from your property’s replacement value along with the deductible. Your payout will be the remainder.
The deductible is the amount you pay out of pocket to repair flood damages. Many insurance companies won’t deliver the full value of your settlement until they know you’ve paid your deductible. Check your policy to learn what it is.
Does your homeowner’s policy have any exclusions? Many insurance companies exclude coverage for specific types of damage like hurricanes, hail, and even floods. If one of these exclusions damages your property, you’ll have no coverage.
A Flood Has Damaged my Property – Now What?
Floods can cause extensive water damage, mold and mildew, structural damage, and more. If you’ve suffered a loss due to flooding, you must take measures to prevent more damage from occurring. At Louis Law Group, our expert litigators will be at your side throughout your flood damage claim.
As flood damage lawyers, we’re experts at navigating the claim process. We’ll help you get your life back on track and moving forward. If you’ve filed a claim and your insurance company has denied it or limited your coverage, call us at (954) 676-4179. We’ll take a look at your situation and help you figure of what to do next to get your settlement.