So we have home owners insurance and live on the south side of Spencer Iowa, a block from the river, incase anyone wants to YouTube search the disaster there. Is our insurance going to do anything without flood insurance. Not sure what to do if they don’t as the whole town is under water and few of us have flood insurance.
Posted by BalackObrama
10 Comments
Flood is not typically covered under homeowners insurance – you would need a flood policy though FEMA. You would’ve been required to get one if you lived in a flood plain so I’m assuming you don’t. With that being said, I do know that American Family offers an endorsement called “Inland Flood” with their newer homeowners insurance product and I know they write policies in Iowa but that wouldn’t be helpful in this situation as its after the fact. That is not a solicitation, I just happen to have a friend that was able to use that endorsement with all the rain we’ve been getting in the midwest and I’ve never heard of a company offering it before.
Without flood insurance there’s nothing for them to do. Not blaming you by any means, but insurance is purchased to cover a risk if a risk isn’t covered there’s no involvement
I’m sorry for your loss. I live in a flood prone region and have seen large area losses where many people didn’t opt to buy flood insurance. Realizing you didn’t purchase flood coverage is one of the hardest conversations to have after a loss.
Youll want to look to state, local, or federal programs for aid if you don’t have insurance.
The fastest way to apply for help is through [DisasterAssistance.gov](http://www.DisasterAssistance.gov). FEMA often has programs that can offer some aid.
The [Redcross](http://www.redcross.org) also offers emergency assistance.
Realistically, no assistance will cover all your costs and any help you get will be a drop in the bucket of your total expenses. SBA loans are often offered to individuals with no interest. These do have to be paid back over time, but can be an option to help get your home put back together.
You may get some assistance from FEMA, but other than that without flood insurance you’re basically SOL.
Get ready for the post flood mitigation mombo! There will be house by house FEMA damage assessments, rebuilding grants, new or much more enforced home elevation requirements. You will fondly miss the days of not dealing the adventure to come. Guy in New Jersey setup a twitter account called StopFEMAnow this account will give you a preview of whats to come.
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FEMA will come in to flood disaster areas with special programs and low-interest repair loans and such.
There’s also [IRS Form 4684](https://www.irs.gov/pub/irs-pdf/i4684.pdf) for losses not covered by insurance in a natural disaster area, so you may be able to take a hefty tax write-off.
Short answer- your homeowners insurance will not respond to seepage from the outside.
As everyone has pointed out, without flood insurance you likely do not have any coverage for this loss but it seems extremely unusual that your home would be a block from the river and not be on a flood plain. Do you have a mortgage? Did your lender not require flood insurance?
FEMA can offer you an attractive loan package. Your HO excludes ground, surface, flood water. I used to tell my trainees that the Homeowner Policy has a few coverage holes carved out of it. A flood policy fills one of the holes.