How To Cover the Cost of Flood Damage Repair

8/12/2020 (Permalink)

Flooded home in Summerland Key, FL

How To Pay For Flood Damage Before It Happens

There are many reasons your home in Summerland Key, FL, can flood. Broken pipes, overflowing toilets and leaking appliances are common culprits. A bad storm can also cause significant flooding. If you don't have flood insurance when this happens, though, you may have a lot of out-of-pocket costs. Knowing how you're going to pay for flood damage before it happens is important.

Flood Policy
Many homeowners have a separate flood policy in addition to their homeowner's insurance, particularly if they live in a flood plain. You can get coverage for the house, personal property, or both. The building property policy mainly covers elements of the structure:

• House and foundation
  
• Electrical and plumbing systems
  
• Installed carpeting or flooring
  
• Built-in bookshelves or cabinets
  
• Major appliances
  
• HVAC units
  
  

A personal property policy may be necessary to cover items such as clothing, rugs, small appliances and food that are ruined by a flood. You not only have to think about drying out your home but also disinfecting any surfaces touched by the contaminated water. Flood restoration specialists can assess your property and give you an estimate of the cost of repairs to use in your insurance claim.

Federal Assistance
If you do not have flood insurance, you may be eligible for federal assistance. When you apply for a FEMA grant, an inspector shows up to look at the damage within a few days. From there, your application can be considered. If approved, you may be compensated for the cost of restoration, temporary lodging, or other expenses associated with the disaster. Even if you wait to apply for the grant until after the repairs have been completed, you may still qualify. In this case, pictures and videos of the original damage as well as an itemized list of the work that was done to fix it may speed up the approval process.
Flood damage from a storm is costly. If you don't have flood insurance, there may be other options that help you cover your expenses.