First and foremost, we want to express our deepest concern for those Houstonians who have been effected by the Hurricane and we are here to help those of you who have suffered water or flood damage. It is fortunately very rare when you will need a flood damage company like us. But because it isn’t common, it is also very confusing to most people and causes much stress when dealing with an emergency event. Our focus is simple-to help in any way possible to restore your home or business back to its original state prior to this devastating storm and to give you answers to the most common asked questions.
Will my homeowner’s insurance cover flood damage?
Sadly, it does not, but it is important to understand the difference between flood damage and water damage. There is a difference in that flood damage is when water comes into your home from outside while water damage is when water begins within your home. Flooding is not covered under a standard insurance policy.
What to do if I do have flood insurance?
Those of you who do have flood insurance, we would encourage you to call us or another flood damage repair company to begin the process of assessing your loss. Remember, even though your insurer may recommend you work with a specific company for flood damage services, the decision is yours. The cost of services is dictated by your insurer. So, if you hire a company that uses Xactimate to estimate the cost of your flooding damage and build back, that company is going to ultimately work with your insurer to determine the cost for the loss.
Who should I call to help me?
You may call non-profit organizations; the Red Cross & FEMA are two good resources to call upon. They typically have employees and volunteers on the ground after large-scale flood events to assist as many people as possible.
What can expedite the claims process?
The tips & information listed below can help to expedite the claims process:
- FEMA Flood Insurance Claims Handbook: This handbook outlines and identifies key steps, timeframes, deadlines, and requirements to help make the claims experience as easy as possible.
- Personal Property Inventory Loss Form: This worksheet can be printed and used to help itemize any personal property that was damaged by the flood. This information is required to accompany all requests for coverage that are related to the contents portion of a flood policy.
Tax Implications of Casualty Losses
While the hope is that that you and your family have not suffered any extensive damage resulting from this disaster, you may potentially be able to claim a portion of the loss (not covered by insurance) through a tax deduction. Moreover, you can elect to claim the deductible loss in either the tax year in which the loss occurred (i.e., on your 2017 tax return) or the immediately preceding year (i.e., on your 2016 tax return if not yet filed or an amended 2016 income tax return). Choosing to take the deduction in the preceding tax year may increase the tax savings from the loss and could enable you to claim a refund from the IRS before you even file your tax return for the year the loss occurred.
How much will it cost to fix my home?
Every property is unique and every situation is different, so without doing a complete walk through it is impossible to say. However, it is extremely important that whomever you decide to go with will work on your behalf to ensure that you can get back to a normal life as soon as possible.