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Has anyone had any issues getting the insurance to pay out on flood ?
I’m gonna get a policy on my new home but I don’t want to get coverage that won’t pay out. Any slimey small print that any of you have come across in the event of a claim?
I put a water damage policy from back up drains/equipment failure to protect my whole house and half finished basement. Read through it, it’s actually a different policy than true rain/storm flooding. fairly cheap in my opinion $120/yearish. After seeing pics of Newman’s stuff I really started thinking about getting coverage. That had to be a nightmare.
I’m gonna get a policy on my new home but I don’t want to get coverage that won’t pay out. Any slimey small print that any of you have come across in the event of a claim?
I put a water damage policy from back up drains/equipment failure to protect my whole house and half finished basement. Read through it, it’s actually a different policy than true rain/storm flooding. fairly cheap in my opinion $120/yearish. After seeing pics of Newman’s stuff I really started thinking about getting coverage. That had to be a nightmare.
FEMA Flood insurance has plenty of faults and things that aren't covered but at $450.00 a year for $250,000.00 house and $100,000.00 contents (max coverage) it is cheap insurance. We have had flood coverage since we bought our house in 1992. They drag their feet and have a ton of exclusions. Don't want to pay for granite, don't want to pay for crown molding, the pool isn't covered, the aerobic septic system isn't covered, detached garages, sheds, barns...not covered. The list goes on but you main goal is to get as much out of the limits of your policy as you can while trying to salvage as much as you can. We maxed the contents easily but not the house policy. Some things we salvaged and used the money in areas where they wouldn't pay. The compromised and salvaged items can be addressed in the future as they need replacement. By the way, all of my garages and shop areas are connected by roof to the main house. Nothing they could deny there.
We actually got a tax return for once! The IRS safe harbor provision allowances for widespread catastrophic events were pretty good and they won't go back and audit if you use their tables. We got back everything we paid in for 2017 and they were supposed to go back an additional three years for the rest but in typical gubmint fashion they haven't paid up. You owe them, different story... they owe you, let's carry it forward.
The 1st flood took out our 1st floor in the house, and we had to go through multiple bids for complete 1st floor reconstruction, eventually adding our own money to raise the foundation 32" to minimize future potential damage.
2nd flood happened 2 weeks after construction completed and we moved back in (after 4 months out). 1st floor was fine due to the raised foundation, but it again took out everything in my sheds. It was all covered AGAIN. Used the same repair quotes from round 1 since it was only a few months later.
I had zero issue with getting our checks for either flood.
Then I moved the fuck out.
The Shop
$120 a year. Covers drain back ups and internal water damage. Nothing covered by intrusion of water from the Outside. $10,000 limit. No deductible. Is this reasonable ? So doin the math....that’s 83.3 years of coverage if I don’t make a claim. Seems good. No reason to save that $120 a year and bank on not having a intrusion for 83 years.....
Now I need to look into flood. And honestly flood might be a stretch. Because at the end of my porkperty there’s a 40 foot cliff down to a river. That’s a lot of water to be able to rise up to flood that.... but I’m sure it’s possible.
When the flood subsides set her on fire and block the drive so firemen can't put it out leaving a half done job.
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