GREENSBORO, N.C. — Most of us don't have flood insurance. Why? Because we don't live near water, and chances are, we'll never need it. Why add another $400 or more to our insurance bill? No doubt the folks in Western NC thought the same thing.
"On the front page of almost every homeowner's policy delivered There's a statement that says, please note damage due to flood mudslide, landslide and earthquake are specifically excluded in this policy," said Christopher Cook, Alliance Insurance Services.
For folks in Western North Carolina that lost their homes due to flood or mudslides and did NOT have flood insurance, no entity is solely responsible for replacing their house and belongings.
"A lot of people go bankrupt. They still owe on the house that is either damaged or destroyed," said Cook.
No flood insurance, then your insurance doesn't pay. What about FEMA money? That's taxpayer dollars. FEMA's maximum grant to an eligible homeowner to replace or repair a home is 42,500. That's the max.
The Small Business Administration offers low-interest loans to rebuild or repair, but that's a loan to pay back. Charitable organizations can help, but it's not a guarantee to be made whole again.
What the folks in Western North Carolina are facing money-wise is difficult at best. As they start filling out FEMA or insurance paperwork, they're going to have to tally up the losses, which insurance experts say you should be doing before something happens at your house.
"The folks that have been devastated don't have any clue how many dress shirts they have in their closet or how many plates they had in their cab. They just don't. A video would be really helpful. So, right now, grab your phone and put on video everything in your house, and I mean everything," said Cook.
Back in the day, you would fill out a home inventory checklist. Instead, walk through your house, and open all the drawers and cabinets. send it to yourself or your insurance agent by email. It's an easy way to protect yourself, just in case.
