Does My Insurance Company Cover Flooding Damage?
During this time of year, flooding in Texas is very common due to all the storms that constantly stir up. When it comes to flood damage coverage in Dallas and the Forth Worth area, you might be wondering “will my insurance company cover flooding damage and the repairs needed?” Read on to learn when flood damage is covered, and when it isn’t, and also learn about delayed insurance claims and misallocated funds that may arise.
When Flood Damage Is Covered By Insurance
Flood damage is only covered by insurance in a small percentage of cases and typically this is when the water damage is the direct result of a flood. Additionally, it is more often only when there is a sudden increase of water, which in most cases flooding is a gradual event. So you may find that you do not have the coverage for the damage caused by flooding. It is a great idea to take a look at your insurance policy to see the terms when it comes to water damage specifically. If you do not see the coverage you may want to consider adding on flooding or water damage insurance to your policy before the next downpour happens.
Delayed Insurance Claims & Misallocated Funds
When natural disasters are at play, sometimes it impacts so many individuals that it then creates a situation where many owners are waiting long periods of time for their restoration work to be funded. Keep in mind that even though your insurance company may be paying for the work – it may take longer than expected for the work to begin and for the project to be completed.
Another common and unfortunate scenario to be cautious of when insurance claims are covered is misallocated funds – the owner will receive the funds from the insurance company and secure the restoration project that may have water damage, etc. Although the initial invoices for the DFW general contractor for the project get paid, the following don’t – why? The owner instead used the funds for personal purchases and the project is incomplete.
When Flood Damage Isn’t Covered By Insurance
Your commercial property insurance plan may not include flood insurance; in fact, most policies don’t. If your multifamily property, warehouse, or other commercial property experienced flash flood damage during our record-setting rainfall this August, you may be out of luck as it would be considered an “act of god.” The good news is, that you can purchase a separate flood policy, which might seem like an extra expense, but in the face of flood damage, it may save you money down the road. The SBA or FEMA would possibly be an avenue for getting repayment for flood-related damages, but those payouts can come slowly and with many hoops to jump through before you ever see that payout.
In response to the flood damage coverage in Dallas fort worth, many flash flood residents and businesses continue to battle insurance agencies. Though the battle is hard, it may not be the end-all when it comes to getting covered for the DFW water damage. When the work isn’t covered, FEMA may be able to help support your recovery from the flood. Contact Classic Construction and Restoration for free damage estimates.