MULTIPLE ISSUES WITH FLOOD INSURANCE

April is financial literacy month and for the thousands still recovering from Sandy this month brings a couple of flood insurance activities to understand.

FEMA has produced preliminary flood elevation maps for Ocean County (region2coastal.com/preliminaryfirms).  These have a 90 day appeal period before being finalized.  Appeals must be made through local municipal offices.  The finalized maps effect elevation requirements and insurance rates.

The National Flood Insurance Program’s (NFIP) deadline for Proof of Loss claims is approaching on April 28th.  The claims should be submitted to NFIP as a complete package including signed and sworn proof of loss, photos, expert report to establish causation, and a comprehensive estimate of covered losses.  The contractors’ estimates must be detailed line-by-line. 

For those wanting to avoid the NFIP in the future, there is a non-government option.  While NFIP exists because not many insurers want to offer flood insurance, comparisons can be made to The Flood Insurance Agency, a private market insurance underwritten by Lloyds.

Assistance with flood insurance issues or other financial aspect of the disaster recovery can be obtained from the non-profit HOPE Coalition America.  The Brick office offers free services for both individuals and small businesses at 270 Chambers Bridge Rd. or by calling (732) 451-2068.