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Examining the Details of Home Flood Insurance
Floods are a common natural phenomenon that can result in extensive damage to buildings, vehicles, landscapes and material possessions. The cost of clean up alone can be devastating to the average homeowner, not to mention that of repairing the damaged areas and replacing any electronics, appliances and furnishings destroyed in the flood. With that costly potential disaster in mind, many homeowners are opting to add home flood insurance to their existing policies.
You Covered Right Now?
Federal disaster assistance is offered for a limited time only to those who meet the qualifications. It is typically a loan that must be paid back with interest; therefore, the longer it takes to repay the money, the more expensive this arrangement becomes. It is wiser to take control of your own protection and consider investing in home flood insurance – be kind to your wallet.
What Does Residential
Flood Insurance Cover?
Policies can be written to cover the cost of clean up, equipment rental, dumping charges, and any related expenses, such as hotel stays, that are incurred by a flood in your home.
Are There Limitations?
On most policies, the structural and basement/crawl space losses are limited at $250,000, which means that you will not be compensated for flood damage costs that exceed that dollar amount. Personal property limitations may be significantly lower, typically limited to approximately $100,000. Talk to your insurance agent, ask questions, and read your policy thoroughly in order to well-understand the terms and limitations of your home flood insurance.
The Right Time is Now!
When considering the value of your house and the possessions therein, it is wise to add home flood insurance to your policy. You will be well covered for only a few hundred dollars per year. In certain cases, the location of your home may result in a denial of coverage, but your agent will inform you if that is your case.
Many homeowners do not think of flood insurance until the threat is imminent, and stress levels are at an ultimate high. Because flood insurance requires a 30-day waiting period before becoming effective, it is smart to purchase it now and give yourself peace of mind.