This just in: FEMA approves “Advance Payments” for flood damage (Hurricane Harvey) re severe storms in Texas, Louisiana, Mississippi and Arkansas. In a nutshell, there are two ways claimants can receive advance payments for flood claims:
Option One “ a policyholder provides a bona fide Notice of Loss, the insurer may offer an advance payment after verifying coverage, deductibles and verifying the insured property was flooded. This advance payment will not exceed $5,000. The insurer may offer a total advance payment of up to $10,000 if the policyholder provides the following documentation:
1. Photographs depicting flood damage to covered property.
2. Documentation verifying out-of-pocket expenses related to the repair or replacement of covered property, such as receipts or canceled checks.
3. A contractor’s itemized damage estimate.
The insurer can offer a larger advance payment (up to 50%) of the contractor’s estimate prior to receiving a proof of loss if:
1. The insurer receives a contractor’s estimate of necessary repairs on an item-by-item basis for the insured property; and
2. A flood insurance adjuster retained by the insurer has inspected the insured property.
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