Adjusting Today Issue #3033: Flood – Understanding and Recovering from One of Nature’s Worst Disasters

Property Insurance Roundtable

Our flood insurance industry experts answer your flood insurance questions. This roundtable will help you understand which types of damages will be covered and excluded by flood insurance coverage. Replacement cost value and actual replacement value are discussed in length to prepare you for acquiring new policies as well as updating your existing ones. It is recommended you understand all aspects of your policy provisions. For further information on this topic, please read our corresponding Adjusting Today article: "Flood: Understanding and Recovering From One of Nature's Worst Disasters."

Key Takeaways:

[:58] What is the National Flood Insurance Program (NFIP) and why is it necessary to hold one of these policies?

[2:05] If a community does not have a floodplain management plan, can a policyholder still purchase flood insurance?

[3:00] Will the Federal Emergency Management Agency (FEMA) help in my recovery from a large flood disaster?

[4:14] What are the guidelines for a flood insurance claim with the NFIP?

[4:30] If a home or business lies outside of a floodplain area, is it still possible to carry flood insurance through the NFIP?

[5:19] What can a policyholder expect in terms of premium costs?

[8:48] Can shopping insurance companies find a policyholder better rates and policies on flood insurance?

[10:06] What coverages are included in a flood policy from the NFIP?

[11:23] Who would adjust a NFIP policy claim?

[12:26] Will flood insurance cover all contents inside and outside of a home/business?

[13:48] Explain the ‘Increased Cost of Compliance Coverages’ and how it could affect a policyholder’s recovery.

[16:27] Will deductibles come into play with these policies?

[16:43] By holding a standard insurance policy and a flood insurance policy, can an insured expect to be covered in full for their loss? What would be excluded by holding the two policies?

[18:57] Are there coverage and limit differences between standard built homes and manufactured housing?

[19:58] How does Replacement Cost Value and Actual Cash Value come into play when going through a flood claims process?

[21:05] Will a flood policy provide Business Interruption and Extra Expense Coverage?

[25:25] Garden-style apartments are popular and offered by a lot of apartment communities. How will a flood policy cover this type of abode?

[28:03] Has there ever been loopholes or unforeseen circumstances where a tenant of a garden-style apartment has been fully covered?

[29:18] What is the most important thing an insured should do to achieve a fair settlement when undertaking a flood insurance claim?

[31:59] Why would an insured need the help of a public adjuster when handling a flood loss?

[33:49] What roles do the people involved play in a claim? Why can an insurance company adjuster not handle all of it?

[35:42] Are there any problems with flood risk assessments?

[37:38] Things to consider when dealing with a flood insurance claim

[39:05] Are aggressive insurers offering alternatives to NFIP?

Panelists:

Greg Raab, Vice President & Executive Director of Operations/Public Adjuster and Disaster Recovery Services - Adjusters International

James R. Mahurin, CPCU, ARM, Risk Management Consultant and member of the Society of Risk Management Consultants

C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International