Floods can cause extensive and hugely costly damage to homes. If you live in an area that is prone to flooding, you would be well served in investigating and obtaining a flood insurance policy. Not having coverage could me financial ruin after a flood disaster event
Flood insurance is a specific kind of coverage that provides protection against damage or loss to your home or business caused by flooding. Their mortgages companies to buy a specific flood policy that is an add-on to their normal home insurance mandate homeowners who live in flood zones. It is important to keep in mind that insurance for flooding is not a part of a traditional home insurance policy and must be purchased separately.
Flood insurance is normally not purchased except in cases in which the homeowner lives in an area that is at a higher risk for flooding and flood damage. This does not mean that one should otherwise not consider this coverage. Flooding can happen in other ways. An example is an old water main burst that floods your home. Interestingly, of those in this country who live in flood-prone areas, only approximately twenty percent are actually covered by this insurance! Unfortunately many do not realize that they have no proper coverage against flood damage until it is already too late. Contact an insurance professional for more information in order to be protected from this kind of a disaster.
It is important to note that those obtaining a policy of this kind are normally required to have the policy in effect for at least thirty days before a claim can be filed. One also usually has the option of choosing either an actual cash value (appraised value) or a replacement cost value kind of protection.
This kind of protection against loss is generally not covered in a regular homeowner’s insurance, so it is important to know what is available. Flood policies usually come in two kinds of forms: One covers the home or building and the other kind is designed for personal property or belongings that are inside the home.
Get the peace of mind in having the protection for the unexpected. Speak with one of our professionals today to learn how you can obtain the right coverage.