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Flood Damage

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    Flood Damage

    Flood damage is a common occurrence that can cause significant financial losses to property owners. Flood is a term used in the insurance industry to refer to rising water that covers two or more adjacent properties. Most standard commercial and homeowner policies do not cover flood damage. Therefore, property owners located in areas prone to flooding should consider purchasing flood insurance.

    The National Flood Insurance Program (NFIP), administered by the Federal Emergency Management Agency (FEMA) and the Department of Homeland Security of the United States government, is the primary provider of flood insurance. Under the Federal flood insurance program, homeowners in NFIP-participating communities can purchase insurance with a maximum coverage of $250,000 replacement cost coverage for property and $100,000 replacement cost coverage for contents. Additionally, homeowners may purchase additional flood insurance from private flood insurers.

    Condominium Associations can obtain Residential Condominium Building Association Policy (RCBAP) through NFIP with maximum limits of coverage of up to $250,000 per unit.

    The Federal NFIP program also provides flood insurance for businesses. The building and its contents are insured separately and are not insured on a replacement cost basis. All commercial flood claims are settled using Actual Cash Value or depreciated value.

    It’s crucial to note that special regulations and requirements apply under all federal flood insurance programs. Claims under flood policies are handled differently than claims under standard private insurance policies. Therefore, it’s essential to understand and comply with all duties under the policy to avoid waiving the right to recovery.

    In the event of a hurricane, separating the damages caused by flood from those caused by wind becomes critical. This process requires a thorough understanding of both the governing wind and flood policies. To ensure the best outcome, property owners should employ a licensed and accredited claims professional to assist in this process. At Keys Claims, we have a team of experts who can help property owners navigate the complex process of filing insurance claims for flood damage. Contact us today to learn more about our services.

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