Flood Insurance Policy obligate policy holders to submit a signed sworn proof of loss 60 days from the date of loss. Hurricane Ian made landfall in the SWFL in the US on or about September 28, 2022. 60 days from September 28, 2022 is November 27, 2022
A Sworn Statement Proof of Loss is essentially an affidavit signed and notarized by a policy holder that notifies the insurance company of the amount of money being claimed by the policy holder. A proof of loss is typically accompanied with an a line item estimate to support the amount being claimed by the policy holder.
A line item estimate for an insurance claim is a specialized type of estimate that is created using insurance construction estimating software, and provides a line by line breakdown of the quantity and unit cost being estimated for the scope of work of repairs to the property.
For instance, a line item estimate in providing the scope of work of repairs for water damage for a bedroom will provide a line item breakdown of the quantity and unit cost of drywall estimated on being replaced, the quantity and unit cost of baseboard being replaced, and the quantity and unit cost of the painting of of that room. This format makes it easier to analyze the difference in the scope of work and pricing of the insurance company’s opinion regarding the cost of repairs and that of the homeowners.
Unless there is an agreement as to what the cost of repairs of the claimed damages is the claimed amount is in dispute, and their alternative methods on how to resolve those disputes depending on the circumstances and the insurance policy.
If the homeowner does not present a line item estimate to the insurance company, the insurance company opinion regarding the cost of repairs and the amount owed is uncontested.
If the policy holder in a flood claim fails to submit a signed sworn proof of loss within 60 days of the date of the flood, they have breached the policy, and although this may not be fatal if an proof of loss is submitted late, it may put the policy holder at a disadvantage in contesting the insurance company’s assessment of their flood claim.
Flood Insurance is not like private homeowner’s insurance, but rather is subsidized by the Federal government. So the decked is stacked against the policyholder to begin with in a flood claim. Not submitting a proof of loss within 60 days will likely just make your flood claim harder.
