Flood Insurance

Flood Insurance Policies

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The of a flood is not to be taken lightly as it is a potential disaster that can utterly destroy your home along with most of your possessions within. Even just a few inches of water can result in losses of tens of thousands of dollars. The majority of the time, a flood will not end in total loss, but can still inflict great financial havoc. 


Flood insurance differences:


A typical homeowner insurance policy will normally cover water damage to some extent, but certainly not the kind of damage due to a flood. Water damage covered in this kind of a policy is specifically for losses resulting from severe events like storms. For instance, if a strong wind were to blow out a home's windows and let in rain that causes damages to the interior, this is an instance in which homeowner's insurance would likely handle the claim. However, if the water damage results from a flood, it will not be covered. Good flood coverage is only attainable through the purchase of a separate policy that specifically safeguards homeowners against flood losses. People can also buy policies that also cover the personal belongings within the home, such as furniture and appliances.


Flood insurance choices:


Many homeowners who live in regions of high risk to flooding will obtain their flood protection through the National Flood Insurance Program (or “NFIP”). The NFIP was put into effect by Congress in 1968 to help in filling gaps due to a lack of proper coverage through traditional homeowner's insurance. Coverage for homes is limited to $250,000, however homeowners can obtain extra coverage for personal property up to $100,000. Keep in mind that there is a one-month waiting period before the coverage will be in effect. If a NFIP policy is not sufficient in providing the degree of protection desired, homeowners can also purchase an extra insurance policy from a private insurance company. These excess coverage policies come into effect after a NFIP policy has been exhausted.


Who benefits from flood protection?


Homeowners, condo owners and even renters can greatly benefit from good flood insurance coverage. If a home is situated on a flood plain, the home-loan provider will usually require it. But keep in mind that the risk of damage from flooding isn't limited to higher risk zones. Around 25% of all claims are for homes that aren't located on flood plains. Start a conversation with an insurance professional today to determine the need for flood insurance.


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