Unfortunately, many may find themselves unprepared for the costs to pay for these damages. But confusion surrounding insurance policy coverage abounds. Seventy two percent of people in a survey say they believe their insurance would pay for the full cost to rebuild from a natural disaster or fire. Here are six additional insurance facts to clarify myths related to flooding and other weather-related damage:. Homeowners' policies usually do not cover loss due to flooding, but coverage can be purchased from the federal government. Flood insurance can be purchased for any eligible property located in a community that participates in FEMA's National Flood Insurance Program at any time regardless of your flood risk, and coverage is available subject to exclusions and limitations in the policy. However, in most cases there is a day waiting period after applying and paying the premium for a standard flood insurance policy before it becomes effective. Chubb Group of Insurance Companies began to offer flood insurance in , and its product offers possibly broader coverage than the government program. The Internal Revenue Service is also in the process of providing tax relief, including postponement of filing and payment deadlines, to victims of Hurricane Irene and will update information on the IRS website.
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That said, the sooner you begin the claims process, the better. Insurers say that waiting too long can cause delays in processing and can cause more damage to your house if problems are left unrepaired and exposed to the elements. Make quick contact.
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The inspections will begin immediately. In addition, the Federal Emergency Management Agency is asking policy holders who have questions or concerns about their claims to call a special toll-free flood insurance hotline: Specialists will take information; policy holders can expect a response from their insurance company within 72 hours. Perdue said. We will continue to push for every possible bit of assistance from the federal government. After a disaster, the flood insurance program routinely sends general adjusters to reexamine a random sampling of claims as a quality control measure. This effort will be expanded in North Carolina for Hurricane Irene flood claims. The flood insurance claims hotline, which has been operating for several weeks, is staffed by specialists who answer questions and help policy holders resolve issues with their insurance companies.
A Irene public adjuster is required to be licensed by the Texas Department of Insurance. The job of the public adjuster is to conduct a thorough inspection of the damages and to put together an estimate that fully encompasses the scope and costs of all repair. Having someone who works exclusively for you also means that you have a licensed professional to manage and negotiate the claim start to finish, relieving you of much time and stress in a process that you have little or no experience with. A licensed public adjuster knows there is much more to hail damage than just your roof — windows, gutters, vents, siding, etc. A public adjuster is trained in policy coverage and knows the tricks of the trade. They most likely have previous experience working for an insurance company and know the business from the inside out. Public adjusters can help policyholders in case of property insurance, fire, hurricane, flood, tornadoes and other several unfortunate events that cause damages and losses to your business and home.