View All
If a residential or commercial property is damaged by flooding, flood insurance can help pay for the loss. Flood insurance restoration can promptly address issues such as:
After a flood, most people’s first instinct is to call their insurance company. Unfortunately, standard homeowners and commercial property insurance policies don’t generally cover flood damage. You would need a separate policy for flood-related losses.
If you don’t have flood insurance, you’re not alone. Many property owners don’t know to add flood insurance to their policy, or don’t bother checking to see if they even need to add it. The main reason people don’t buy flood insurance is because they don’t live in a flood zone, or their property isn’t located in a flood zone.
What they don’t realize is a flood zone is just an area where there is more risk of flooding. In reality, just about everyone lives in an area that can suffer from a flood.
Unfortunately, flooding is becoming more and more costly—both in terms of property damage and human lives. The Senate’s Joint Economic Committee reports that floods cost the United States more than $180 billion each year.
No matter where your property is, it is critical to take the risk of flooding seriously. Having flood insurance can not only help get you back on your feet faster, with less stress, time, and out-of-pocket cost, but it can also give you peace of mind.
In addition to deciding whether flood insurance is necessary, you also need a plan if flooding strikes your area. This means choosing a restoration company you can call right away for help with water damage, mold contamination, and other issues following a flood.
At ATI Restoration, we specialize in flood damage cleanup and repairs. Most insurance carriers list us as approved vendors. Positive relationships with insurers and clients allow us to undertake flood insurance restoration in a fraction of the time while keeping costs under control. We respond 24/7/365 to flooding emergencies.
- Federal Emergency Management Agency (FEMA), Fact Sheet: Myths and Facts About Flood Insurance
- FEMA, Everyone Needs Flood Insurance
- FloodSmart.gov, Protect the life you’ve built
There are two types of flood insurance for homeowners:
NFIP insurance is backed by the federal government. The program is administered by FEMA, but policies are written by a licensed insurance agent.
There are some limitations under NFIP. Residential coverage is limited to $250,000 for the building and $100,000 for contents. This might not be enough if you have a high-end home, a lot of valuables, or both. In addition, NFIP policies do not generally cover flood-related mold damage.
If you choose private insurance, you can purchase both NFIP and use private insurance to subsidize your insurance coverage. This is called “excess flood insurance.” You can also purchase private flood insurance by itself to allow yourself a greater amount of coverage to ensure you can fix, replace, and repair your entire property and contents to like-new condition.
Private insurance will also cover more of your property’s structures, including swimming pools, detached structures, garages, barns, and basements. Most private flood insurers have a maximum rebuild limit of $500,000—twice the coverage provided through NFIP.
Commercial property owners have two options for flood insurance:
Through NFIP, commercial policyholders can purchase up to $500,000 in flood insurance coverage for two different types of policies:
The NFIP urges commercial property owners to purchase both building property and personal property insurance. If additional flood insurance is required, commercial policyholders can supplement their NFIP coverage through a private insurance policy.
For many businesses, both the property and contents are valued at more than $1 million. This is well in excess of the coverage limits provided by NFIP for commercial properties. In this situation, the owner of the property should consider purchasing a private flood insurance policy or excess flood insurance to make up the difference.
Private flood insurance has other potential advantages, such as coverage for mold and mildew caused by flooding. Mold remediation is a key step of flood insurance restoration, and it is vital to have the right coverage in place to pay for it.
If you decide you need flood insurance, follow this checklist to make sure you sort out all the details:
For homeowners in 2024, NFIP-backed flood insurance costs an average of $818 per year. The cost can vary based on your policy, the age of your home, and the location—especially if you live in a high flood zone hazard area.
The cost of commercial flood insurance can also vary significantly. Factors the NFIP and/or a private insurer will take into account include the value of the property and contents, the type of business, deductible and coverage limits, and—of course—the risk of flooding.
Multiple factors can affect the time it takes to clean up, restore, and rebuild a property after a flood. These include the extent of the damage, the timeliness of the response, and the efficiency of the process. Obviously, projects will take longer if access to the property is limited due to widespread flooding, utilities and services are interrupted, etc.
Insurance approvals are another potential source of delays. According to FEMA, the average flood insurance claim takes 4–8 weeks to finalize.
The key to successfully rebuilding after a flood is to act quickly. Flood insurance restoration professionals know what steps to take, as well as how to deal with insurers, permitting, and other processes that can slow down recovery if you try to handle them on your own.
Services that are often required as part of flood restoration include:
In our experience, water removal and cleanup after a flood typically takes 1–2 weeks. The actual rebuild can take several months depending on the size of the property and the extent of the loss.
After you call your insurance agent, they may recommend a restoration company to you. You can also choose the restoration company that you feel most comfortable with. Read our checklist for choosing a restoration contractor.
Professionals at ATI Restoration work with your insurance company and claims agent so you don’t have to. They will also work with the city to get any permits needed to complete work, taking the burden of managing the reconstruction of your property off of you.
Flooding is one of the biggest dangers to your home or business. ATI Restoration has helped clients recover from flood damage due to hurricanes and tropical storms, mudslides, leaking roofs, burst pipes, and much more.
Our expertise encompasses all aspects of recovery, from cleaning up debris to repairing structural damage. We have an arsenal of equipment to aid with emergency water extraction and water damage remediation, including dehumidifiers, extractors, air movers, and dryers.
ATI is one of the largest restoration companies in the country. Our 70+ locations and thousands of employees—including a National Response Team—enable us to provide flood insurance restoration nationwide. Contact us for 24-Hour Emergency Response in the aftermath of a flood or other disaster.
