People who have suffered losses to their home due to flooding may be able to get their insurance money a little faster. On Monday, the Federal Emergency Management Agency (FEMA), announced a temporary change to policy that would “rush recovery money” for those that held National Flood Insurance Policies.
For those that opted for National Flood Insurance, once you contact your insurer and verify your identity, you are eligible for an advance payment of up $5000 on a flood claim without a visit from an insurance adjuster. In even better news, for those that are able to provide photographic or video evidence of damage and receipts for out-of-pocket expenses related to flood loss, an additional $20,000 may be advanced.
With new storms brewing of the Gulf Coast this week, many individuals are worried about safeguarding their homes from floods going forward. While the National Flood Insurance program coverage has a 30 day waiting period, homeowners may still be able to buy flood insurance on the private market with as little as a three day wait. These insurance policies aren’t guaranteed to be available so if you are in fear of having flood damage you should act right away to find out if you qualify for a policy.
If you live in affected areas of Houston, it helps to pre-emptively reach out and let your agents know your home or vehicle has sustained storm damage even if an insurance adjuster can’t reach the area. This is effective in a few ways: it helps the insurer know where to look for damage, where to find you in the near future, and perhaps more importantly, put’s your claim in the queue which is handled on a first come first serve basis.
Finally, even if you don’t have flood insurance, many homeowner policies do, in fact, cover water and wind damage. Don’t assume your damage isn’t covered. Call your insurance company as soon as possible, keep good records, save receipts, and check for FEMA programs that may provide for temporary housing and emergency repairs to your home.