Flood Insurance Policies

From 2008 to 2012, average residential flood claims came to more than $38,000 each, some from just a few inches of water. Water can get in everywhere and into anything, potentially causing overwhelming financial loss over a mere rainstorm. Flood insurance exists to make sure you don’t ever have to face that level of financial hardship. Some homeowner’s or renter’s insurance will not cover flood damage, and so a separate policy must be bought in order to cover any potential water damage.

Can be bought by homeowners (and condo owners), renters, and commercial owners or renters. The type of situation you have will determine what kind of insurance and how much coverage you decide to get. Also, this kind of insurance can only be purchased through an insurance agent and not directly from the government.

If your property is flooded, the policy will pay for any damages that fall under the amounts that are stipulated in the coverage. Like all insurance policies, the higher premium you pay, the more benefits you will receive. The cost will also be higher if the property is a flood risk, such as being in a flood plain or close to a body of water, even one as small as a stream. There is a 30-day waiting period from the date of purchase to when the policy is activated, and any flooding that occurs in that time period will not be covered (with some exceptions).

All policies will cover building structure and contents, but not all will include personal property. To get full contents coverage, talk with your agent about expanding your plan. Additionally, property and belongings outside of the insured building, such as swimming pools, hot tubs, patios, septic systems, etc., will not be covered by a standard policy, and if your home is unlivable after a flood, it may not pay for temporary housing.

This specialized insurance can cover any kind of water damage, from a major flood all the way down to a minor leak. Water damage can be extremely pricey, and you don’t want to lose your house because you couldn’t pay the potentially tens of thousands of dollars to repair it. Don’t risk it; buy flood insurance today.

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