The High Cost Of Flood DamagePosted November 24, 2015
Hurricane Joaquin brought almost 27 inches of rainfall to the hardest hit areas of South Carolina in early October, 2015. The National Weather Service stated it was a “1000 year rainfall event” that left 17 people dead, 42,000 homes without running water, and 1000 homes and businesses without power. It has been estimated that the flood damage will run to a billion or more dollars.
Who Pays for Flood Damage in Oklahoma?
With such an event there will be countless insurance claims filed, but unless homeowners have purchased flood insurance, it is unlikely that their standard homeowner’s policy will cover their damages. Since not all property owners are required to purchase flood insurance and many don’t anticipate a catastrophic event such as this to happen in their lifetime, they will be stuck with the awful reality of paying for repairs.
Insurance Claims Underpaid or Denied
Unfortunately with the sheer amount of claims that are expected to be filed, there will be legitimate claims from homeowners who did purchase flood insurance that will be denied. Insurance companies want to reduce their costs as much as possible, and if they can get away with a denial or underpaying a claim they will do it.
If you are in the position of having a major flooding incident you should consider hiring an attorney to help you get the full compensation you deserve for your flood damage claim. When you are looking at paying thousands and thousands of dollars to replace and repair flooring, walls, electrical components, prevent molding, and all kinds of other damages that we don’t think of until we get the bill the cost of an attorney that can get your claim paid in full is more than worth it.
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