For homeowners in North Carolina and other states affected by Hurricane Florence, a serious financial toll is in store because of rain and massive flooding. While many homeowners have basic insurance, some don’t meet all the flood insurance requirements they need to in order to really offset the cost of the damage.

After a major disaster like a flood, it can be even more difficult than usual to deal with issues like insurance. Flood insurance requirements can be complicated, and it is essential in the event of a disaster like a flood to make sure your insurance company fairly compensates you.

Hurricane Florence and Flood Insurance Requirements

After Hurricane Florence, around a quarter of a million North Carolina homes are expected to be affected—many severely—due to the flash flooding and record rainfall.

Unfortunately, a worryingly small percentage meet flood insurance requirements that would help with this damage. Indeed, only between 10 percent and 20 percent of coastal homeowners in the eastern part of North Carolina are covered by the National Flood Insurance Program. Moreover, only one to three percent of inland county homes have flood policies.

Many homeowners don’t realize that their basic homeowners policy doesn’t include flood insurance requirements. In order to meet flood insurance requirements, homeowners must buy a totally separate policy from their basic homeowners insurance.

In order to do this, many choose the flood insurance provided through the National Flood Insurance Program. An NFIP policy is designed to do two things: protect the home and protect your possessions. The goal is to help return the home to pre-flood conditions, as well as replace possessions. The average premiums are $600 to $700 each year. In high-risk zones, however, premiums can actually be thousands of dollars.

“You are looking at a lot of homeowners that will have out-of-pocket costs that could easily be five figures, or more than $10,000,” said Cathy Seifert, an insurance analyst at the Wall Street research firm CFRA, speaking to USA Today.

If you do not meet flood insurance requirements, you may be able to seek federal disaster assistance.

Flood Insurance Settlements

The amount of your insurance settlement depends on what flood insurance requirements you meet. These variables include the type of policy itself, the policy limits, temporary living expenses, cost to rebuild or repair, and more.

Check your flood insurance requirements to see if you qualify to receive more, or if you can receive assistance from FEMA or even the Small Business Association. Even if your insurance company has already paid you damages after Hurricane Florence (or another disaster) you may still be owed more. If your insurance reimbursement check has already been cashed, you may still be able to get more from your insurance company if you were not properly compensated.

You may be owed for damages to your home, property, vehicle, or even a business.