After any significant water damage or flooding to your home, your first step is to contact your local insurance agent or the insurance company to file a property damage claim. You’ll want a bit of information readily available:
After you file a claim, an insurance adjuster will contact you within a matter of days. If you do not hear from anyone, it’s time to call again.
Step Two: File Your Claim
You’ll need to separate your damaged property and possessions from those that are undamaged. Your adjuster will require thorough evidence of the water damage to your property and possessions to prepare an estimate.
Your insurance adjuster, once the claim is filed, will prepare a Proof of Loss (a sworn statement of the amount you are claiming, including supporting documentation) for the official claim of damages. A Proof of Loss must contain specific details from the Standard Flood Insurance Policy. You must file your Proof of Loss with the insurance company within 60 days of the flood damage.
You’ll receive a claim payment once both you and the insurer agree on the total amount of damages and once the Proof of Loss is both complete and accurate.
If you happen to receive a denial letter or are unsatisfied with the amount offered for repairs and replacements, you have other options. You can work with FEMA for other flood solutions, but only if you have a denial letter.
Another option is to sell the property. If you feel the repairs or renovations would be too costly or not worth your time, then selling to a real estate investment company could be worthwhile. It is certainly an option on the table.