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Flood Insurance

Do You Have Flood Insurance?

Flood insurance protects homeowners from financial loss following a flood. The insurance for your home does not include flood coverage. You must specifically get this type of coverage in addition to your regular homeowner’s policy.

You might not need this coverage, but it’s recommended. And if you live in a high-risk area, then lenders will probably make this coverage mandatory. This also applies if you own a business in a high-risk location.

The Details

There is typically a one month waiting period until your policy becomes active. That means you must have the coverage for at least a month before you can file a claim. And the maximum insurance available for homes is generally $250,000. The limit for personal items is $100,000. When your home is damaged by a flood, then you file a claim with the insurance company.

Two Types of Coverage

Building coverage is for items that are part and parcel of the physical structure. This includes walls, roofs, floors, furnace, and insulation. Content coverage is for the personal items within your home. You don’t have to choose this coverage, but it helps to also insure your belongings.

Benefits

The federal government backs flood insurance programs, so compensation is guaranteed. You can also request partial payment in order to receive help almost immediately. A flood could strike when you least expect it. Your home is a valuable asset. Flood insurance is one good way to protect your investment.






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