There are many different conditions that can cause flooding: spring thaws, heavy
rains, hurricanes,
and heavy summer thunder storms are just some of them. While certain areas are more
prone to
flooding, it can happen anywhere and at any time.
According to
Fema.gov, floods are the number 1 natural disaster in the United
States. "All it takes is a
few inches of water to cause major damage to your home and its contents," the
federal government-
run website declares.
So, do you need Flood Insurance? Beyond readying your home and developing a family
emergency
plan, being prepared for a flood means understanding what your insurance covers and
what it does
not.
A REGULAR HOMEOWNERS INSURANCE POLICY DOES NOT TYPICALLY COVER FLOOD
DAMAGE
First and foremost is the fact that a standard homeowner’s insurance policy does not
typically cover
traditional flood damage. Since floods can occur anywhere, you should consider
purchasing a separate
National Flood Insurance Program (NFIP) flood policy. The NFIP is managed by the
Federal Emergency
Management Agency (FEMA).
Costs for flood insurance can vary greatly depending on how much coverage you buy,
what the policy
covers (does it just cover the building or also the contents) and your property's
flood risk (what flood
zone your property is in).
If your home falls in a high-risk flood area and you carry a mortgage from a
federally regulated or
insured lender, your lender is legally mandated to require you maintain flood
insurance on your
property. However, a lender may require you to purchase flood insurance at any time
— even if the
company is not legally mandated to do so.
You can also purchase contents only flood insurance if you are not a homeowner but
are still
concerned about the damages that a flood could cause.
While flood insurance is offered through the NFIP, policies are sold and
administered by private
insurance companies. Often, policies don't take effect until 30 days after
signing, so it's a good idea to
consider purchasing coverage before storm season is upon you. Additionally, many
carriers put
restrictions on new business and policy changes in the days leading up to major
storms and other
catastrophe events making it even more important to plan ahead and consult with your
agent.
We would love to answer any questions that you might have. Contact Kovalev Insurance
today and
request a complimentary consultation to ensure your property is properly
protected.
