The National Flood Insurance Program (NFIP) has taken care of several claims and paid out close to $100 million, but many of them have been closed without payment. As to why that is, payable claims have a tendency of taking a longer amount of time to resolve versus claims where officials determined there wasn’t qualifying damage.
It’s important to note that NFIP policies generally cover flooding caused by damage from the ground, such as a waterway that overflows, an excess amount of heavy rain, or a storm surge. A standard homeowner’s insurance policy is what generally covers storm damage if, for example, strong winds manage to tear a piece of the roof off.
If you’re a homeowner and you’re unsure of the damage caused to your property, you may wish to consider filing a claim under your homeowner’s insurance as well as through your flood insurance provider. It’s important to remember that these are two separate policies. Floods are not covered under the majority of homeowner’s insurance. Depending on where you live in Florida, these flood insurance policies may be required, particularly if you live in an area considered high risk.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.