Taking a Pounding

New Orleans and surrounding areas continue to take a pounding from Hurricane Isaac. While the winds from Isaac are not going to cause catastrophic damage, the cumulative effect of winds over hours is going to result in some damage. What is likely going to be the significance of Isaac is the water. This is a slow moving storm and is dumping lots of rain over a widespread area. It is inevitable that the water will begin to accumulate.  If you are hunkering down and observe water accumulating around your home, take whatever steps you can to protect your property and if water is beginning to enter your property, turn off the power.  

If you are able to safely do so, photographically document the water both inside and outside your home. When the water subsides take a tape measure and photographically document the flood line both inside and outside your home. Take whatever steps you need to protect and preserve your property bearing in mind that if you are going to make an insurance claim, the insurance adjuster needs to have the opportunity to inspect the damages. Remember flood is not covered under your homeowner’s policy; you must have a flood policy. However, if you don’t have a flood policy you may be entitled to a tax write off for the damage. Check with your accountant for the rules on this.

Regardless of whether you are making an insurance claim or planning on taking a tax write off, be sure to photographically document the damage to your property. If you’re making an insurance claim don’t throw anything away until the adjuster has seen it and concurs that it should be thrown away.

Good luck on your loss and if I can answer any questions for you, please do not hesitate to ask.

Bill