You Might Need to Sell a Home After a Flood
Weather patterns are changing, creating devastating storms, hurricanes, tornados and floods across the country. When we watch it on the TV news it may seem far away, but when it happens to our own property the devastation hits closer to home. It’s true for every homeowner – someday you might need to sell a home after a flood.
Many people do not understand that their homeowner’s insurance does not cover damage from a flood. If the water heater or dishwasher creates a flood in the house the policy usually covers damage resulting from that flood.
But if the creek behind your property or the river a few blocks away is flooding due to massive rains or a dam collapsing, damage resulting from these floods is usually not covered by homeowner’s insurance.
People who receive insurance proceeds from flooding that is weather-related carried flood insurance. It is purchased separately, although it may be available from the same insurance agent from whom you purchase homeowner’s insurance. Flood insurance in the United States is provided by The National Flood Insurance Program.
Whether You Have Insurance or Not
Making a claim on your flood insurance and receiving a check is not the end of the story when your home has been damaged in a flood.
US News.com reports the following, “But the hurricanes’ destruction doesn’t stop at the immediate problems residents faced as they returned to their homes once the winds died down and floodwaters receded. The damage continues as the real estate industry in affected areas came to a screeching halt and continues to see delays in property sales.”
In other words, you may have the right to collect on your flood insurance, but you’ll still own a flood-damaged house. At that point you have some big decisions to make. Will you repair the flood damage and continue living in a flood-prone area, or will you move away?
You Might Decide to Sell and Move Away
If the prospect of repairing the flood damage is too much for you, especially if the possibility of another flood looms large in your mind, then you might need to sell a home after a flood. It may be the best decision for you in the long run. Consult your lawyer about the flood insurance claim and proceeds, and call We Pay Fast to get an offer on your home As-Is.
Call (405) 521-1807, or email us at [email protected] A quick, easy sale transaction may end the nightmare of your flooded home for you.