The National Flood Insurance Program has announced that it will modify the way that it settles claims in order to expedite the response to policyholders in storm-stricken areas.
“The National Flood Insurance Program is working closely with the insurance industry to speed the claim process and enable adjusters to help policyholders get settlements quickly,” said David Maurstad, acting federal flood insurance administrator. “For many Hurricane Katrina victims, the effort to rebuild their lives begins with filing a flood insurance claim.”
The NFIP is using available data on water depths, aerial imagery, and information from underwriting files to determine properties where it is readily apparent that flood damage covered by the policy will exceed the amount of insurance purchased. This will make it possible to pay the policy limits through conversations with insureds, without waiting for site visits to adjust the losses. This process may be used when homes have been washed off their foundations, affected for long periods by standing water, or when only pilings or slabs remain.
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