San Antonio Flood Damage Lawyers Fighting for the Rights of Flood Victims
San Antonio, Texas, is one of the most flash flood-prone regions in North America. As such, it is considered to be a high-risk area when it comes to potential flood losses.
Many homeowners and other insurance policyholders have the mistaken belief that flood damage is covered by their regular insurance coverage. However, this is not the case, and property damage that was caused by flash floods is not eligible for reimbursement.
It is extremely critical that you understand that flood insurance is purchased as a separate policy and has the ability to cover the building and/or its contents. Do not be fooled into believing that your regular homeowner’s insurance policy covers floods, as it does not. You do not want to discover this the hard way after you have sustained serious losses generated by water damage.
Although the state of Texas does not require homeowners or other property owners to have flood insurance, it may be a requirement if you have a mortgage on your home. Unfortunately, the state of Texas is prone to serious flooding in the form of flash floods, torrential rains, and hurricanes.
Even if you do have flood damage insurance, you may risk having your flood damage claim underpaid or even denied. In cases of a serious natural disaster where many homes and businesses may be affected, some insurance companies have decided to put their own profit over that of their policyholders and not pay them what their claim may be worth.
If you are having difficulty with your insurance company in regard to your food insurance coverage or need to know if your policy covers flood damage at all, please contact the law office of Flores & Pelaez-Prada PLLC at 210-361-0070 and schedule a free consultation with one of our fire damage attorneys who has the knowledge to answer your questions and can help you make the best decision as to how to best protect your property.
Can the National Flood Insurance Program Help Me in San Antonio?
The National Flood Insurance Program (NFIP) was established in 1968 in an effort to allow certain property owners to purchase flood insurance in order to protect themselves against the possibility of a flood.
The NFIP is a program that provides flood insurance in a variety of circumstances so that they may be able to recover at an even faster rate once the floodwaters recede. The NFIP works in partnership with communities to help adopt regulations that can assist in mitigating the effects of flooding.
This Federal flood insurance is available to both homeowners as well as business owners in various types of risk areas. You are required to have this type of insurance for any building that is determined to be in high-risk areas that have either a loan from an insured or federally regulated lender. This stipulation is also required for disaster assistance loans from the Small Business Administration.
You are not required to have a mortgage on your home or property in order to obtain flood insurance. The premiums associated with this type of insurance vary according to the level of risk that has been previously assessed for your given area.
What Does Flood Insurance offered by the NFIP Cover in Texas?
For most property owners, flood insurance policies average around $700 per year. Flood insurance coverage protects your home for up to $250,000. This is meant to cover the costs associated with purchasing new appliances, plumbing and electrical systems, and any debris removal that you may have on your property.
In order to safeguard your personal belongings, you will need a separate flood policy that provides coverage of up to $100,000. This money is meant for you to secure any personal items that you may need, such as furniture, televisions, or clothing. These personal possessions are often referred to as “personal property” or “contents.”
Additionally, you may receive up to 30,000 for what is deemed to be the “increased cost of compliance.” This is what is necessary to pay for costs to comply with related to the state and local regulations for the repair and construction of flood-damaged properties.
You should pay strict attention to the fact that there is no compensation or any other type of reimbursement for “additional living expenses” (ALE). Additional living expenses are extra funds that are distributed to you so that you may pay rent and utilities while the property that you own is being repaired from a flood. The National Flood Insurance Program (NFIP) does not offer this type of benefit to its policyholders.
Finally, you should be aware of the fact that most flood insurance policies have a mandatory 30-day waiting period before they go into effect. Therefore, it is imperative that you purchase coverage long before approaching storms threaten to flood the area.
Why Should I Hire a Flood Damage Attorney to Help Me With Flood Insurance?
Understanding the legal complexities that accompany flood insurance can be difficult to navigate on your own. Often our clients have been led to believe that their homeowner’s policies actually cover flood insurance claims.
Repeatedly, our lawyers see cases of the insurance companies acting in bad faith where they have intentionally made false or misleading statements in regard to your homeowner’s policy.
Moreover, when a large natural disaster strikes a community, the insurance companies begin to approach paying flood insurance claims from the perspective of saving the company money and not paying fair compensation to its policyholders.
The attorneys at Flores & Pelaez-Prada PLLC understand the extent of the damage caused by floods and how expensive it can be to recover from such a catastrophic event. If you feel that the insurance company is acting in bad faith and attempting to underpay you for your flood claims, you need an experienced lawyer on your side who understands how to fight against the insurance company. An insurance company has the financial ability to employ a large number of attorneys who work to find methods in which they can deny or not pay the full extent of insurance claims.
Contact Flores & Pelaez-Prada PLLC Today
Contact our law offices today at 210-361-0070 and schedule an appointment to speak with one of our flood damage lawyers, who can review your policies and make suggestions as to the best course for pursuing your claim.