The Federal Emergency Management Agency (FEMA) has just extended the filling deadline for Louisiana homeowners affected by the recent flooding of Red River.
The agency's National Flood Insurance Program (NFIP) usually requires policyholders to file a proof of loss form to claim their damages within 60 days of a flood occurring. For this particular flood, however, FEMA has decided to authorize a 180-day extension to that deadline.
Insurance Commissioner Jim Donelon is the man behind the extension. "Last month," he said, "I asked FEMA to grant an extension to Louisiana policyholders affected by spring flooding because for those who were severely impacted, filing the required paperwork within two months can prove difficult, if not impossible." He added that "the extension applies to Louisiana policyholders who submit claims related to rains beginning on May 16, 2015 through June 16, 2015."
This means that these policyholders will have a total of 240 days following their property damage to file a claim.
Flood damage is usually excluded under standard homeowner insurance policies. It can be acquired from FEMA's NFIP program, but it will only cover damages occurring after the policy is purchased. Typically, there is a 30-day waiting period before flood insurance activates.
The risk of devastating natural disasters like floods will never go away. In fact, as the effects of global climate change take root, the risk has only grown, making insurance a strong investment to protect one's most valuable assets. Contact e2Value today to learn more about our suite of solutions for professionals in the insurance industry. We can help ascertain replacement values for individual homes or for every property in your book.