Federal program extends the claims deadline for homeowners affected by recent powerful storms
Recent storms in the U.S. have caused quite a bit of flooding in some parts of the country. For homeowners, this has been a headache, as these floods have resulted in property damage. Assessing this damage can be a time consuming process, so the National Flood Insurance Program has extended the deadline for those wishing to file claims for the damage caused by severe stores in late April and Early May.
Extension allows homeowners more time to assess damage and work with their insurance providers to file claims
The extension applies to all flood insurance policies provided by the federal program, either by the Federal Emergency Management Agency or by the private companies working with the program. Typically, claims must be filed within 60 days of damage occurring, but the extension provides those affected by recent storms with an additional 30 days to file claims. So, those that fell victim to flood damage on April 28, for instance, will have until July 27 to file a claim.
Whether a claim is approved or denied largely depends on the investigation of an insurance adjuster
Once a claim is filed, an insurance adjuster representing the coverage provider will contact those filing the claim. The adjuster will have to investigate the damage caused by floods in order to determine the validity of the claim. This process can sometimes take weeks, as the adjuster’s investigation will determine the cost of repairs that need to be done and whether or not the damage is covered by the insurance provider.
Federal program continues to struggle with massive debt
The time it takes the National Flood Insurance Program to pay a claim is not set in stone. The federal program typically plays claims relatively quickly, but in the event of significant flooding disasters, claim payments can be slow. One of the reasons for this is the fact that the federal program is struggling to overcome a major financial problem. The federal program is currently indebted for approximately $30 billion, which makes its ability to appropriately manage claims somewhat lacking.