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Insurance companies are often flooded with claims after a natural disaster. Claims adjusters with multiple claims have a daunting task ahead of them with several claims to process at the same time.
- Claims with full documentation of losses (a home inventory) will easily be processed first.
- Files waiting for claimants to compile a list of losses will be pushed to the back of the desk.
- Claims adjusters are often pressured to settle claims and close their files. Without documentation they are likely to offer a settlement far below the actual loss to clear their desk of open claims.
 An accurate up to date home inventory will allow you to easily file a claim that will prove your actual loss. You will not feel pressured to accept a claims adjusters evaluation of your property loss. With your insurance agents help your inventory will provide the information to ensure you have the proper policy coverage for the articles in your home.
From the National Flood Insurance Program Web Site
- How does a policyholder file a claim for flood loss?
A flood insurance policyholder should immediately report any flood loss to the insurance company or agent who wrote the policy. A claims adjuster will be assigned the loss, and the policyholder must file a "proof of loss" within 60 days of the date of loss. A policyholder whose policy is with a WYO company must follow the company's claim procedures. The 60-day time limit for filling a proof of loss remains the same.
- What is a "proof of loss"?
A proof of loss-the policyholder's valuation of claimed damages-is a sworn statement made by the policyholder that substantiates the insurance claim and is required to be submitted to the NFIP or WYO company within 60 days of the loss. A printed form usually is available from the adjuster assigned to the claim.
- What is a "loss in progress"?
A loss in progress occurs when actual flood damage to a building or its contents started before the inception of the policy.
- Is a loss in progress covered?
The NFIP does not cover damage caused by a loss in progress under any of the flood insurance policies.
What is the maximum that can be collected for a loss under the NFIP policy?
An insured will never be paid more than the value of the covered loss, less deductible, up to the amounts of insurance purchased. Therefore, purchasing insurance to value is an important consideration. The amount of insurance a property owner needs should be discussed with an insurance agent or broker.
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