Dealing with a loss and the ensuing claim following a calamity such as Hurricane Harvey can be a very overwhelming, confusing, and emotional experience.
Our team of licensed and experienced public adjusters at Morgan Elite Specialist Services are policy experts with extensive knowledge of the claims process and here are the answers to some basic questions that have been asked on a daily basis since the storm:
Where do flood insurance policies come from?
The majority of flood insurance policies come from the National Flood Insurance Program (NFIP). Regardless of whether you purchase a flood policy from a well-known insurance company or an unknown underwriter found by your insurance broker, both entities will most likely obtain the policy in your behalf from the NFIP. While some insurance companies can write their own flood policies, the coverage is basically the same as the NFIP.
Who is working the flood claims for the NFIP?
The NFIP is a federal program managed by the Federal Emergency Management Administration (FEMA). Therefore, claims on your flood insurance will be assessed by a FEMA adjuster.
What if I do not have flood insurance?
Assistance in the form of a small business loan for disaster relief may be obtained through FEMA.
What is a reserve and do I automatically receive one for my flood claim?
A reserve is funding that an insurance company has the ability to release when enough obvious damage is noted at first sight and money is needed to immediately begin repairs. A reserve can be issued for any type of insurance claim but is never guaranteed and is applied appropriately to the settlement of the claim.
For example: A claim is given a $15,000 reserve. After the claim has been processed, the insurance company agrees to pay $30,000 for the overall damages. The policy holder receives a final payout of $15,000 as the reserve is subtracted from the balance.
Morgan Elite Specialist Services is dedicated to assisting policy holders during this difficult time and our main concern is protecting their interests and ensuring adequate compensation per loss and policy.
We help with filing claims as well as denied or underpaid claims and our fees are contingency based so if we do not recover your claim money, there is no charge for our services. Call today for more information!
