Only 0.58% of Indiana homes are protected by flood insurance, over 310 flood claims filed

By KARA KENNEY
WISH-TV | wishtv.com

More than 310 flood insurance claims have already been filed in Indiana as a result of the recent storm, Indiana’s I-Team has learned.

Between Aug. 11 and Aug. 17, 310 claims have been filed with the National Flood Insurance Program, according to new numbers obtained from the Indiana Department of Insurance.

NFIP policyholders have 60 days from the date damage occurred to file their claim.

There are currently 15,056 policies in force in Indiana providing $3.5 billion in coverage, according to information provided by the Indiana Department of Insurance.

About 0.58 percent of residential structures in Indiana are protected by a flood insurance policy.

Many people do not realize a regular homeowners or renters insurance policy does not cover flooding.

It can be expensive, so many people do not purchase flood insurance unless it’s required because they live in a high-risk area.

You can get flood insurance through the National Flood Insurance Program and some insurance providers.

State Farm agents, for example, sell flooding policies but they’re written through FEMA or NFIP.

“A lot of times flooding will occur in areas that are not considered flood zones, and so because of that, State Farm always advises customers to consider going ahead and purchasing a flood policy, whether you’re in a flood zone or not,” said Roszell Gadson, a spokesperson for State Farm. “It can give you a lot of peace of mind, considering that many flood events occur in areas that you wouldn’t necessarily think would happen.”

If you have damage to your home, file an insurance claim anyway, especially if you have wind damage.

“When rain comes into the house, that is often a covered loss,” Gadson said. “So, regardless of whether you have a flood policy or not, State Farm agents are there to help customers answer those questions and to go through your policy and go through your specific situation.”

Flood damage to your vehicle may also be covered.

“Flooded cars are covered under your comprehensive portion of your auto policy,” Gadson said.

The Indiana Department of Insurance recommends asking your insurance company if there’s a time requirement for filing a claim.

“If they feel that they received a denial and they the insurance company is not honoring the policy, they can file a complaint with our department,” said Jenifer Groth, a spokesperson for the Indiana Department of Insurance. “We have a consumer services division, and they investigate those complaints.”

Click here to file a complaint with the Indiana Department of Insurance.

The Indiana Commissioner of Insurance has issued a bulletin calling on insurance companies to implement a 60-day moratorium on the cancellation of any insurance policy in effect for any policyholder directly affected by the disaster. It also calls for a suspension of any penalties Hoosiers may face for late payments.

“We don’t particularly want them to have to worry about whether their policy is going to be canceled,” Groth said.

If you don’t have flood insurance, it’s a good idea to revisit.

“We always encourage homeowners to take a look and see if it would be worth the risk if they don’t have coverage,” Groth said.

The state says just one-inch of water can cause $20,000 in damage to your property.

Questions to ask your insurance company

• If we disagree on coverage or scope, what are my appeal options (e.g., mediation, appraisal)?
• Does my homeowners insurance cover flood?
• What flood zone do I live in?
• What is my property’s flood risk? What will and will not be covered?
• Will my policy provide Replacement Cost Value or Actual Cash Value?
• What’s the difference between the two? Do I qualify for a Preferred Risk Policy (PRP)?
• Does my community participate in NFIP’s Community Rating System (CRS)? If so, does my home qualify for a CRS discount?
• What is the deadline to file my flood damage claim?
• How long will the claims process typically take – from inspection to payout?
• Can I start cleanup or salvage work before your inspection? If so, what needs photographed first? Are additional living expenses covered if my home is uninhabitable, and what’s the maximum coverage?
• If we disagree on coverage or scope, what are my appeal options (e.g., mediation, appraisal)?

This story was originally published by WISH-TV at wishtv.com/news/i-team/only-0-58-of-indiana-homes-are-protected-by-flood-insurance-over-310-flood-claims-filed.