Tuesday, November 20, 2012

Sandy Flood Claims

Superstorm Sandy has been the largest storm to hit the area since 1936.  There are many people who have been impacted, and we are dealing with situations that many haven't come across before.  To help clients who have flood insurance, I put together this guideline on how the flood claim process normally is handled.  Some of the time frames might be extended because of the number of claims we are dealing with. I hope this helps.

Sandy Flood Claim Process

  1. File  flood claim with the company
  2. If you have contents coverage, 2 separate claims will be set up.  One for building and one for contents each claim has its own adjuster and deductible. 
  3. Receive a call from each adjuster to come to the house to do an inspection
  4. Take pictures, locate receipts and make a list of items that were flooded
  5. The inspection is usually done in 2 steps.  Adjuster should come out within 10 days for first inspection which is just a walk through. 
  6. Insured can get advances on their claim payments which takes about 7 days after the initial inspection.  The amount is based on the estimate for the total damage
  7. The Second inspection is done about 2 – 4 weeks later and is a complete inspection including measurements of all spaces involved.
  8. Once both inspections are completed and  the insured has given the photographs and the list of building and contents items to the adjuster, he forwards the paperwork to national flood
  9. National flood then reviews all the paperwork.  This can take 2 – 6 weeks.  If all is ok, they will request checks to be issued which takes another 2 weeks.  Checks are payable to insured and their mortgage company if applicable
  10. All in all checks will probably not be received until about 2 – 3 months after the claim

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