Flood Coverage?

Question

Does anyone know how they determine how much your items are worth? I am asking because our whole town got flood and everything in our basement is ruined. I am not going to turn it in and raise my rates if they are going to say my stuff isn't worth anything. Does anyone know how they determine this?

Answer 1

I just got done "itemizing" m things that were lost in our flood... Our insurance guy just said write everything down and put the value based on what it was worth before the flood.. Then he said you have $5000 like a blank checkbook ! So, I'm itemizing everything no matter how big or small. So we get the whole $5000. Good luck...

Answer 2

Flood typically doesn't happen to just one house in an area, and it doesn't have small losses. It's SO widespread when it happens, and the damages are SO high, that an insurance company cannot charge enough money to cover the claims. Even FEMA doesn't charge enough money to cover the claims - the American taxpayers pony up a huge chunk of the change, and coverage is capped at $250,000 per house - which won't come close to the cost of damages for many of the houses damaged during Sandy. Just like "war", there are some risks that are flat out excluded under a homeowners policy, because IF it happens, it's too widespread to be managed by an insurance company. Flood is NEVER included on homeowners insurance (not water damage, from a burst pipe, I'm talking about FLOOD.) Limited coverage IS available through the National Flood Insurance plan. The real question is, why does someone who lives on the coast, NOT have flood insurance? Not buying flood insurance because a Hurricane hasn't hit NYC in your lifetime, is just like not buying life insurance because you haven't died before. Most mind boggling of all, the vast majority of the people complaining about uninsured claims, ten years from now, STILL won't be carrying flood insurance.

Answer 3

i think it is the worth of what it would be in the condition it was in before the flood or the worth of what you would have been able to sell if for. THey will most likely have you itemize your items.. try rememebring all items... A friend of mine had a bag of candy (unopened) and as a joke while meeting with the agent to help with the itemizing mentioned this and he actually told her to put the 2 dollar bag of candy on the list!