Flood Insurance
Although it may not seem as necessary as homeowners insurance, flood insurance is important if you plan on keeping your home safe and your possessions secure. Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc.
Different types of policies are available based on your property’s location and flood history:
- Standard Flood Insurance Policies
If you live in a community that participates in the NFIP, your building and its contents can be covered by a Standard Flood Insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NIFP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a Standard Flood Insurance policy. - Preferred Risk Policies
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost Preferred Risk Policy. While you are not required to purchase flood insurance in low-to-moderate risk areas, a Preferred Risk Policy will protect your home and its contents if you are affected by a small flood, or a larger flood that has extended into your low risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
What does flood insurance include?
- The insured structure & its foundation
- Electric and plumbing systems
- Central air conditioning equipment, boilers, and water heaters
- Fridges, stoves, & built-in home equipment
- Tile, stone, carpets or hardwood flooring
- Paneling, wallboard, bookcases, & cabinets
- Window blinds
- Detached garages detached buildings (other than garages) require a separate Building Property policy
- Debris removal
- Personal belongings
- Window Dressings
- Window air conditioners
- Microwave ovens and dishwashers
- Carpets
- Washers and Dryers
- Freezers and Refrigerators
- Listed precious items like artwork, leather plus furs (around $2,500)
What is not covered in Flood insurance protection :
- Damage triggered by dampness, mildew, or mold that can have been prevented by the home owner
- Currency, precious metals, and valuable papers
- Property and belongings outside of an insured building.
- Living expenses like temporary housing
- Financial losses caused by business interruption or loss of use of insured property
- A large amount vehicles like automobiles, motorbikes, RV's etc....
Live within a High-Risk Flood Insurance Area? Unsure?
Preparation is vital when it comes toward keeping your home & your goods out of deep water. Fact is almost everybody lives inside of a flood area, it is just that some locations tend to be more prone to floods than others. Floods take place in all fifty states and 25 percent of claims come from locations that are not even considered high risk. Home Insurance does not cover a flood claim.