In real estate, the location of the property significantly affects its price, and a more affluent zip code will make the home (and its insurance premiums) more expensive. A recent analysis of claims featured by The Wall Street Journal showed that payouts for restoring flood and fire damages in these neighborhoods are also higher (sometimes, even more than 50% higher) than other areas in the state. Experts in the insurance industry emphasized that the presence of luxury fixtures and furnishings in these affluent homes increase the price of claims as well.
Flooding has been found to be more prevalent in the examined data, there were 500,000 more flood-related claims than fire-related claims. Aside from the location aspect, here are three basic factors that could affect the cost of flood damage restoration for a home:
- How Extensive the Damage Was (in Terms of Affected Areas)
In some homes, only a room or the room’s textiles, like wall-to-wall carpets, may be damaged and may need cleanup. In other homes, the entire basement floor or first floor level could have been soaked or even submerged in the worst hurricanes. This means that cleaning the mess and restoring the structures would be much more complicated.
- What Type of Water Flooded Your Home
Most floods mentioned in The Wall Street Journal article were caused by non-weather related accidents, such as broken plumbing fixtures and overflowing washing machines. However, there were also some homes that suffered city-wide floods. The latter could be more detrimental to the home’s structures, since floodwater is dirtier than the household water supply, and the flood could linger, unless the calamity is over and the city or state has done the proper cleanup.
- How Long Before You Had the Problem Addressed
If the water damage is not addressed immediately, mold can proliferate throughout the surfaces, and if mold damage or dry rot (the sequel of mold) is present, the cleanup and restoration would also be more difficult. Flood restoration experts in San Diego, like EcoPure Restoration, should be called immediately, after the calamity or accident occurs, to limit costs and to start repairs right away. Flood restoration companies can also be consulted for longstanding water damage problems, so you can get precise estimates if you’re undertaking a home improvement project.
Flood and Fire Damage Adds Up in Ritzy Neighborhoods, The Wall Street Journal
What Affects Water Damage Restoration Cost?, IICRC