Record the Damage
The first thing you should do after a flood is to take pictures of the damage. First and foremost, you must ensure the safety of the house. Look for any structural issues and problems with live electrical wires. It is best to have a professional inspect the house before you enter for your own safety.
You should then take pictures of the damage to provide evidence of it once the area has been deemed safe. Make sure to take digital photos because it will be much simpler to share and save them. Make no repairs until you have photographed every bit of damage.
Make a list of everything that was destroyed as well as the value of each item on the list. Included in this is the structural harm actually done to the house. You can then submit an insurance claim after compiling all of this data.
Submit an Insurance Claim
Remember that not all types of damage, including flood damage, are typically covered by a standard homeowner’s insurance policy. You won’t be able to submit a claim if the water damage is determined to have been caused by a flood and you don’t have separate flood coverage. Those who do have flood insurance are eligible to submit a claim.
As soon as possible, you should inform your insurance provider about the flood and the damage. They should be informed of the types of immediate repairs you will be making to the property after you have discussed with them the coverage provided by your policy. The insurance provider will then inform you if you need to wait for an adjuster to visit and look over the property before having those repairs made.
As you can see, it is imperative that your property has flood damage. This is particularly true if you reside in a flood plain or another area that could experience flooding. Having this kind of coverage might be a good idea even if the area has never experienced flooding.
Cleanup
You can begin the property cleanup after taking the photos and speaking with the insurance provider. You can remove any still water by using a pump. The items that have been harmed and destroyed should all be removed. Also watch out for mold damage. It must be taken out immediately; otherwise, it might lead to more issues in the future. You will be able to better decide what to do with the property once everything has been cleaned up.
Think About Your Options
What you should do with the property must now be decided. If you plan to sell the house, you must decide whether it is worth making the necessary repairs or selling it as-is based on the estimated cost of repairs. You must take into account a variety of factors in order to determine this.
After-Flood Value
The value of the property following the flood is among the most crucial considerations. There is still the stigma of the flooded home, even if you make a significant number of repairs to the building and improve its condition from before the flood. This means that the home will be worth less after the flood than similar homes that have not been damaged by floods.
High Costs of Repair
The costs of repairing flood damage are going to be high. It might not make sense for you to make the repairs because you won’t be able to recover your losses when you sell if the cost of repairs is too high. Depending on the type of damage and the extent of the damage, you might need a permit if the home is in a flood plain. A permit is always required if the cost of the repairs is more than $10,000.
Sell the Property As-Is
In many cases, you’ll discover that it’s simply not worth the money and time to fix.
In contrast, if all you want to do is leave the house, you might decide to sell it as-is. There are lots of investors who are willing to buy the property and then fix it up on their own, even though you won’t make as much money on the property.
Always compare the total cost of doing your own repairs versus just selling. Select the choice that will benefit your finances the most.
