Spring came to a close with pounding hailstorms and severe flooding in parts of South Dakota, Iowa, Nebraska, and Minnesota. A news video on KSFY reports on the many residents left with wet basements, floors, walls, and furniture, and the expenses they are facing to repair the flood damage. Many families are faced with a difficult and expensive cleanup, and many have been shocked to find out that their insurance policies don’t cover flood damage to their homes or condominiums.
Steep Price Tag on Cleanup of Flood Damage
Flood damage requires sometimes extensive cleanup in order to remove standing water, allow everything to dry, and prevent the growth of mold. Beyond the cost of replacing damaged belongings, the price of just the cleanup and repairs can run into the range of thousands of dollars—and poorly handled repairs can cost even more in the long run. If you haven’t planned ahead to make sure you have flood coverage in place, all of those costs could end up coming out of your own pocket.
Condo Owners Face Additional Complications in Pursuing Flood Damage Claims
Condo owners may face particular difficulties in pursuing their claims for flood damage. Because it may be unclear if the condo association or the resident is responsible for repairs, and because multiple policies and policyholders may be involved, flood-related condominium claims can end up in a tug-of-war between potentially responsible parties, multiple insurance companies, and the strength of documented evidence.
If you are running into delays, excuses, and denials in pursuing a claim for flood damage to your condo, arm yourself with information about the claims process by requesting your free copy of our book, Tricks of the Trade: How Insurance Companies Deny, Delay, Confuse and Refuse.
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