The National Insurance Flood Program (NFIP) provides homeowners with coverage in the event of flood, so it is an additional form of homeowners insurance. However, the date a residence was constructed or that a major home improvement was undertaken can radically impact flood coverage. In the wake of Superstorm Sandy, homeowners learned that residences constructed in communities that were not already accepted into the NFIP might be “grandfathered” in with regard to NFIP coverage if the community was included on a Flood Insurance Rate Map. For homeowners in this situation, the NFIP will generally provide full coverage from the ground floor and above. NFIP coverage might provide limited coverage for a flooded basement depending on when the property was constructed.
The bad news is that if your home was constructed or substantially improved after your community was accepted into the NFIP and after preparation of a Flood Insurance Rate Map, your home is probably only covered for flooding of the first level standing above the base flood level. Because many homeowners were unaware of this limitation prior to Superstorm Sandy, they failed to purchase additional policies that could have provided the coverage they needed for the rest of their home.
Many homeowners rely on their insurance agent to provide sound advice regarding the coverage they need to provide complete financial protection during a disaster. However, policyholders should carefully review their own policy to confirm that the policy provides adequate protection. If policyholders are unclear about language, exclusions, restrictions and limitations under the policy, they might want to seek legal advice before disaster strikes.
You can reach Miami Flood Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].