Many people don’t realize that floods are the most common natural disaster. However, most homeowners insurance policies don’t cover flood damage coverage. Homeowners policies will cover types of water damage. For example, they would generally pay for damage from rain coming through a hole in the roof or a broken window, as long as the hole was caused by strong winds or any other covered exposure listed in the policy
If your home has sustained water damage and the insurance company has rejected your claim, contact the attorneys at Arguello, Hope & Associates today.
National Flood Insurance Program
While most insurance companies exclude flood coverage damage, homeowners can obtain flood insurance if their community participates in the Federal Flood Insurance Program. In 1968, the federal government created the National Flood Insurance Program (NFIP) to provide coverage to homeowners and businesses. The government offers several different policies based on the type of building and the risk level for the location. The Federal Emergency Management Administration manages the NFIP. Payments for the flood damage claims are filed under these policies and are paid with federal money. In recent years, there have been numerous floods and the program has had trouble covering the claims. The program has instituted a number of different policy restrictions that has made it more difficult to for policy holders to receive adequate compensation for their losses.
Due to these restrictions, many homeowners and businesses will often to seek legal counsel in order to recover their losses.
Legal Assistance for Your Flood Claim
Litigation involving flood claims is a very complex matter and should be handled by an attorney that is experienced in handling insurance claims. Filing a legal claim against the federal government is difficult because they have a number of defenses that are not available to private insurance companies. Some of the defenses that the federal government uses to deny or reduce a claim include:
- Sovereign Immunity
- Federal preemption
- Strict compliance of regulatory requirements
The program has strict rules regarding the coverage limits. The coverage limits compensate policy holders for the cash value of a building minus the depreciation. An older building may have significantly depreciated and the cash value of damaged property may be less than the cost of fixing the damaged property.
If you feel that the insurance company has offered you inadequate compensation for your claim, fill out the contact form on the right.
Filing a Legal Claim Against Your Insurance Company
If your insurance company has improperly handled your flood damage, you may be able to seek legal action. If you complied with all of the insurance company’s filing requirements for your flood damage insurance policy, you may be able to file a lawsuit for the undervaluing of your losses.
The attorney at Arguello, Hope & Associates has successfully represented homeowners and business owners in their lawsuits against insurance companies.
To find out how Arguello, Hope & Associates can assist you with your insurance issues, complete the contact form on this page.