Flood insurance

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11/7/2018 3:53 AM
Edited Date/Time: 11/7/2018 3:56 AM

Has anyone had any issues getting the insurance to pay out on flood ?


I’m gonna get a policy on my new home but I don’t want to get coverage that won’t pay out. Any slimey small print that any of you have come across in the event of a claim?


I put a water damage policy from back up drains/equipment failure to protect my whole house and half finished basement. Read through it, it’s actually a different policy than true rain/storm flooding. fairly cheap in my opinion $120/yearish. After seeing pics of Newman’s stuff I really started thinking about getting coverage. That had to be a nightmare.

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GP740
Since 1987

11/7/2018 6:27 AM

What dollar amount coverage do you get for $120.00 on the water backup? With a basement I'm guessing it's a good bit more than the $10,000.00 that I have on my homeowners policy. That was fun listening to the insurance company try to tell me how I didn't have water backup with two foot of water in my house. I got my 10K.

FEMA Flood insurance has plenty of faults and things that aren't covered but at $450.00 a year for $250,000.00 house and $100,000.00 contents (max coverage) it is cheap insurance. We have had flood coverage since we bought our house in 1992. They drag their feet and have a ton of exclusions. Don't want to pay for granite, don't want to pay for crown molding, the pool isn't covered, the aerobic septic system isn't covered, detached garages, sheds, barns...not covered. The list goes on but you main goal is to get as much out of the limits of your policy as you can while trying to salvage as much as you can. We maxed the contents easily but not the house policy. Some things we salvaged and used the money in areas where they wouldn't pay. The compromised and salvaged items can be addressed in the future as they need replacement. By the way, all of my garages and shop areas are connected by roof to the main house. Nothing they could deny there.

We actually got a tax return for once! The IRS safe harbor provision allowances for widespread catastrophic events were pretty good and they won't go back and audit if you use their tables. We got back everything we paid in for 2017 and they were supposed to go back an additional three years for the rest but in typical gubmint fashion they haven't paid up. You owe them, different story... they owe you, let's carry it forward. laughing

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11/7/2018 10:27 PM
Edited Date/Time: 11/7/2018 10:29 PM

We had 2 claims in a single year on our flood insurance back in 2011 (best damn $320 I EVER spent). They covered 100% of everything in our (detached) sheds, including all tools, mowers and lawn equipment, generator, even a couple tons of wood pellets for our pellet stove. Nothing with a VIN though, so all my bikes were destroyed. (EDIT- Newmann's right though- they will not cover structural on out buildings, just contents).

The 1st flood took out our 1st floor in the house, and we had to go through multiple bids for complete 1st floor reconstruction, eventually adding our own money to raise the foundation 32" to minimize future potential damage.

2nd flood happened 2 weeks after construction completed and we moved back in (after 4 months out). 1st floor was fine due to the raised foundation, but it again took out everything in my sheds. It was all covered AGAIN. Used the same repair quotes from round 1 since it was only a few months later.

I had zero issue with getting our checks for either flood.

Then I moved the fuck out.



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11/8/2018 7:00 PM

I think it’s $10,000 for the non-intrusive water damage. I’ll have to look more into this. Surprised more people don’t have experience with this.

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GP740
Since 1987

11/9/2018 3:54 AM

Have you gotten a quote yet? I think recent extreme weather events had made big changes in the insurance industry. We don't have flood insurance & don't think will ever need it (live on a big hill), but I have heard lots of talk around here the last year or two where people thought they had it but found out the hard way they apparently didn't have coverage. For whatever reason. Insurance is quite a racket IMO.

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HAF

11/9/2018 5:25 AM

That’s how insurance works. The hard way. Sorry that’s not covered. You gotta really go through those 46 page declarations to see everything you’re not getting.

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GP740
Since 1987

11/15/2018 11:02 AM
Edited Date/Time: 11/15/2018 11:06 AM

Ok so I’ve read up.

$120 a year. Covers drain back ups and internal water damage. Nothing covered by intrusion of water from the Outside. $10,000 limit. No deductible. Is this reasonable ? So doin the math....that’s 83.3 years of coverage if I don’t make a claim. Seems good. No reason to save that $120 a year and bank on not having a intrusion for 83 years.....

Now I need to look into flood. And honestly flood might be a stretch. Because at the end of my porkperty there’s a 40 foot cliff down to a river. That’s a lot of water to be able to rise up to flood that.... but I’m sure it’s possible.

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GP740
Since 1987

11/15/2018 11:07 AM

GeorgiePorgie wrote:

Ok so I’ve read up.

$120 a year. Covers drain back ups and internal water damage. Nothing covered by intrusion of water from the Outside. $10,000 limit. No deductible. Is this reasonable ? So doin the math....that’s 83.3 years of coverage if I don’t make a claim. Seems good. No reason to save that $120 a year and bank on not having a intrusion for 83 years.....

Now I need to look into flood. And honestly flood might be a stretch. Because at the end of my porkperty there’s a 40 foot cliff down to a river. That’s a lot of water to be able to rise up to flood that.... but I’m sure it’s possible.

Does that cover broken supply lines?

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11/15/2018 1:56 PM

Just get regular insurance and keep a stash of gas.

When the flood subsides set her on fire and block the drive so firemen can't put it out leaving a half done job.

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