Claims and Mortgage Companies
Flood Insurance Info
If you have flood insurance, then you are fortunate. But it may not cover everything and getting the funds released to you might take a lot of work.
Process & Things To Do
- Contact the National Flood Insurance Program (NFIP) and file a claim
- Contact your homeowner’s insurance company
- Take photos and document your damage
- Claims adjuster will contact you. Make arrangements with the claims adjuster to visit your home
- Claims adjuster will do an assessment of your home and create a report (Example)
- Let the claims adjuster know of any items you disagree with and submit documentation to back it up. If reasonable, the adjuster will update the report.
- Once you are satisfied with the report, you will sign it and the adjuster will submit the report to NFIP
- NFIP will assign a claims specialist and process the claim and send it to FEMA for review
- Funds are released for repairs/replacement of items
- *If you have a mortgage, the mortgage company will receive the funds. They might initially release some of the funds for repairs, but will not release all until they can have an inspection done. This can be a lengthy and frustrating process.
Things To Know
- While you may pay for flood insurance through your homeowner’s insurance, NFIP will be the ones handling the claim.
- Be sure you know what type of flood insurance you have and what it covers. Some may cover property but not possessions.
- Inspections will likely be done by a third party inspector chosen by the mortgage company.
- Be your own advocate! You may have to make many calls and emails to receive your claim funds.
National Flood Insurance Program (NFIP)
After a flood, you will need to contact the NFIP if you have flood insurance. They will guide you though the claims process.
Things To Know
- While you may pay for flood insurance through your homeowner’s insurance, NFIP will be the ones handling the claim.
- Be sure you know what type of flood insurance you have and what it covers. Some may cover property but not possessions.
Claims Process
- Adjuster will send claim report to National Flood Services.
- A claims specialist will review the reports, submit it to FEMA for review, then mail a check to you or your mortgage company.
- You and the mortgage company must sign the check.
- The mortgage company will keep the funds and will distribute to use as needed for repairs or completed construction. They may distribute partial funds to begin construction. They may request documentation such as contractor quotes and building permits.
- Once construction is complete, the mortgage company will release the remainder of the funds to you once they are confident all the repairs have been completed. This may require a third party inspection by a home inspection company.
Things To Know
- If you do not have a mortgage, then the funds will be distributed to you only.
- The National Flood Services claims specialist is your main contact during this process.
- Be your own advocate! Mortgage companies can be difficult to deal with. Keep on them if you feel like they are slow or not doing things properly.