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.
There’s no denying it, inflation is here. Economists have been talking about it for a while now and the fact is it’s something we’re all going to have to learn how to work with. So what does that mean for your HOA? Well, it can mean a number of things from how it impacts your HOA, figuring out what your HOA can do, to compound benefits of inflation. Additionally, it can affect your budgeting as the cost of products and services are at an all-time high. To put that into perspective, they are the highest they have been in 40 years and show no signs of slowing down either. Read on to learn more about your HOA and inflation.
Living in North Texas means dealing with heavy and constant hailstorms during the storm seasons. With hail damage to your residential or commercial property being at risk during each heavy storm, owners begin to raise questions about whether the damage can be waived or if it is a potential red flag. If you are wondering if your hail damage deductible can be waived, keep reading this article. We discuss who is responsible for hail damage, what can be considered a “red flag,” and how to appropriately report fraud.
Don’t Wait to File an Insurance Claim!
As local governments across North Texas start lifting stay-at-home orders, many property managers of HOA and apartment communities are feeling pressure from their residents to open their community’s amenities. This particularly applies to community pools as summer is now upon us.
Lastly, consider the staffing requirements you might have were these policies put into place. While the community might already have a staff of trained lifeguards, we do not suggest asking your lifeguards to perform multiple tasks in addition to watching the pool. This means you might consider hiring staff to document who enters the pool according to your time blocking chart, to collect the liability waivers, and who clean and disinfect all pool furniture and equipment.