If you don't have flood insurance and the water came from the ground up, you won't be covered.
YOU KNOW. STEWART: ANGELA, THANK YOU SO MUCH. HURRICANE IAN IS LIKELY THE MOST COSTLY STORM TO MAKE LANDFALL IN FLORIDA. DISASTER MODELING FIRM RMS CRUNCHED THE NUMBERS. EARLY ESTIMATES SHOW ECONOMIC LOSSES COULD RANGE BETWEEN 53 BILLION AND 74 BILLION DOLLARS. MICHELLE: FOR MANY HURRICANE VICTIMS IN CENTRAL FLORIDA DEVASTATION HIT TWO TIMES. THE FIRST, WHEN THEIR HOME FLOODED. THE SECOND, WHEN THEY LEARNED THEIR HOME OWNERS INSURANCE POLICY DOES NOT COVER FLOODS. STEWART: WESH 2’S MICHELLE MEREDITH EXPLAINS HOW THE HEARTBREAKING SITUATION IS EVEN POSSIBLE. >> RIGHT NOW I AM WITH MY HANDS TIED. MICHELLE: ALEX RAMOS HAS BEEN IN THE INSURANCE BUSINESS 18 YEARS IN OSCEOLA COUNTY, AND HIS PHONES ARE RINGING NONSTOP. >> THIS HAS BEEN ONE OF THE WORST TIME. MICHELLE: BECAUSE FRIENDS, FORMER CLIENTS WHOSE HOMES ARE UNDERWATER, ARE DESPERATE FOR ADVICE. THEY’VE LEARNED THEIR INSURANCE POLICY DOES NOT COVER FLOODS. >> SOMETIMES I’M TALKING TO THEM, AND I HAVE THAT FEELING OF ME WANTING TO CRY BECAUSE I FEEL FOR THEM. MICHELLE: WHAT DOES THE AVERAGE HOMEOWNERS INSURANCE POLICY COVER? A SHORT LIST INCLUDES FIRES, TORNADOS, A PIPE BURST, AND USUALLY HURRICANE DAMAGE. BUT WHEN THE WATER RISES FROM THE GROUND UP, EVEN FROM A HURRICANE, THAT’S CONSIDERED FLOOD DAMAGE. ARE YOU COVERED IF YOU DON’T HAVE FLOOD INSURANCE? >> NOW. -- NO. IF YOU DON’T HAVE FLOOD INSURANCE AND THE WATER CAME FROM THE GROUND UP, YOU WON’T BE COVERED. MICHELLE: EXPERTS SAY SMALL PERCENTAGE OF HOMEOWNERS CARRY FLOOD INSURANCE. SOME DON’T KNOW ABOUT IT. OTHERS OVERLOOK WARNINGS THEIR POLICY DOES NOT COVER FLOODS AND ROLL THE DICE BECAUSE THEIR HOME HAS NEVER FLOODED BEFORE. BUT NEITHER DID MANY OF HURRICANE IAN’S VICTIMS. >> IT IS GONNA BE A ROUGH TIME FOR FLORIDIANS, IN TERMS OF HOW LONG WE HAVE TO WAIT. WHO’S GONNA COVER ME, OR WILL THEY COVER ME OR NOT. MICHELLE: YOU CAN BUY FLOOD INSURANCE FROM FEMA OR THROUGH AN INSURANCE AGENT. COSTS RANGE ANYWHERE FROM HUNDREDS TO THOUSANDS OF DOLLAR
Hurricane Ian is seemingly the most costly storm to make landfall in Florida.Disaster modeling firm RMS crunched the numbers. Early estimates show economic losses could range between $53 billion and $74 billion.For many hurricane victims in Central Florida, devastation hit two times. The first, was when their home flooded. The second was when they learned their homeowners' insurance policy does not cover floods. "Right now, I'm like, my hands tied,” said Alex Ramos who is an insurance agent.Ramos has been in the insurance business for 18 years in Osceola County, and his phones are ringing nonstop.“Honestly, this has been one of the worst times,” he said.Friends and former clients whose homes are underwater are desperate for advice. They've learned their insurance policy does not cover floods."Sometimes I'm talking to them and I have that feeling of me wanting to cry cause I really feel for them,” Ramos said.What does the average homeowners' insurance policy cover?A short list includes fires, tornados, a burst pipe, and usually hurricane damage.But when the water rises from the ground up, even from a hurricane, that's considered flood damage.Are you covered if you don't have flood insurance? If you don't have flood insurance and the water came from the ground up, you won't be covered.Experts say a small percentage of homeowners carry flood insurance. Some don't know about it. Others overlook warnings that their policy does not cover floods and roll the dice because their home has never flooded before. But neither did many of Hurricane Ian's victims."It is gonna be a rough time for Floridians, in terms of how long we have to wait. ‘Who's gonna cover me or will they cover me or not?’” Ramos said.You can buy flood insurance from FEMA or through an insurance agent. Costs range anywhere from hundreds to thousands of dollars. And based on the circumstances, only you can decide if it's a price too high to pay, or a price you can't afford to not pay.Victims could very well qualify for FEMA disaster money.If you live in a flood zone, you can't get a mortgage unless you get flood insurance and after you pay for it. Flood insurance does not kick in for another 30 days.
For many hurricane victims in Central Florida, devastation hit two times. The first, was when their home flooded. The second was when they learned their homeowners' insurance policy does not cover floods.
Experts say a small percentage of homeowners carry flood insurance. Some don't know about it. Others overlook warnings that their policy does not cover floods and roll the dice because their home has never flooded before. But neither did many of Hurricane Ian's victims.
"It is gonna be a rough time for Floridians, in terms of how long we have to wait. ‘Who's gonna cover me or will they cover me or not?’” Ramos said.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
