Quick AnswerAfter a basement flood, stay out until you have cut power to the area, then stop the water source if you can. Photograph everything for your claim, move undamaged items to a dry space, and call for professional extraction. Do not use a household vacuum on standing water, and do not assume a dry-looking floor means the job is done.
Safety first: a flooded basement often has energized outlets and a submerged furnace or water heater. If you cannot reach the breaker without standing in water, stay out and call the utility or a professional before entering.
Once it is safe, speed decides the cost. Extraction and drying started in the first 24 hours dramatically reduce what has to be removed and rebuilt, and starting fast is also what your policy expects you to do to prevent further damage.
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