Tag: FEMA

What to do if your Home or Business is Damaged by Flood or Storm

Unfortunately, recent flooding and storm events have again affected our area in Louisiana.  Many people experienced flooding and storm damage to their homes and businesses.  If you experienced flood or storm damage, please consider following these steps to ensure your damage claim is properly documented and submitted:

  • DOCUMENT, DOCUMENT, DOCUMENT – Once you are able, make sure to document the damages to your home and contents.  Whether for a homeowners or flood insurance policy or to obtain government assistance, take plenty of photos and video of the damage.  Make a list of the items that were damaged or destroyed.  One way to organize this list is to group items from each room together, approximate its age, where it was purchased, and its value when purchased.  It will be more difficult to document your claim once the cleanup or rebuilding begins.
  • OBTAIN MULTIPLE ESTIMATES -To the extent you are able, obtain multiple estimates for the work needed on your home.  Pay for the estimate if necessary.  If you have three estimates and the amounts are close, they are much more credible.  Also, try and get as much detail as possible in each estimate, including specific materials to be used, dimensions, and finishes.
  • NOTIFY YOUR INSURER – Whether a homeowners or flood policy claim, or other insurance claim related to your business, promptly notify your insurer of your damage.  Your insurer will send someone to inspect the damage and start your claim.  Provide as much information as possible to make their job as easy as possible.  That will likely quicken the pace of your claim.
  • FLOOD CLAIMS – If you have flood insurance, it is likely provided by the federal government through the National Flood Insurance Program (NFIP).  There are specific rules for submitting your claim through the NFIP.  YOU MUST SUBMIT FEMA FORM 086-0-11 (NOTICE OF LOSS) WITHIN 120 DAYS OF YOUR DAMAGE.  You can find this form here.

The “Great Flood of 2016”–Update and Resources

“Disaster Declaration” Expanded. The list of parishes now declared disaster areas by the federal government has increased to include the following parishes: Acadia, Ascension, East Feliciana, Iberia, Lafayette, Pointe Coupee, St. Landry, and Vermilion.

http://gov.louisiana.gov/news/additional-parishes-added-to-federal-disaster-declaration-8-16-16

Potential Tax Implications for Flood Victim. For those insured, it is critical that you document your losses with as much detail as possible; serial numbers, make/model/description—the more detail the better. Keep receipts and credit card statements. Time-dated photos are also important. Even those without flood insurance should do the same as it may assist in obtaining FEMA assistance. However, the same documentation of your losses could also help to reduce your tax exposure. The attached link provides key information and outlines the impact the flooding may have on tax-filing and other deadlines.

https://www.irs.gov/uac/tax-relief-for-victims-of-severe-storms-flooding-in-louisiana