Flood insurance has been in the news again lately. Just this past weekend CBS News’ “60 Minutes” aired a disturbing story, entitled The Storm After The Storm about homeowners having their flood damage claims denied on the basis of altered engineering reports. The report raised serious questions about the conduct of Wright Flood (www.wrightflood.com), U.S. Forensic (www.usforensic.com) and GEB HiRise Engineering, whose offices were actually raided shortly before the report by the New York Attorney General’s office. If you believe you have been the victim of inappropriate claim handling practices or fraudulent conduct by any of these companies or any other insurance companies or their vendors, you should contact an attorney to discuss your case.
Notwithstanding the bad faith practices of some insurance companies, flood insurance is critically important for many homeowners. The Indiana Department of Insurance published this consumer alert back in February 2009, but the information is still valuable today. Perhaps one of the most important tips for consumers about flood insurance is the waiting period. Most policies will not take effect until 30 days after you purchase the insurance. Planning ahead is key.