Flooding can happen anywhere, at any time. Poor drainage systems, storms, melting snow, neighborhood construction, and broken water mains, can all cause flooding. In high-risk areas, such as south Florida, there is at least a one-in-four chance of flooding during a 30-year mortgage. There’s also been a stark rise in flood claims from people not in high risk areas. From 2014 to 2018, policyholders outside of high-risk flood areas required one-third of federal disaster assistance for flooding.
The standard home insurance policy does not cover flooding. Flood insurance can be purchased directly through the National Flood Insurance Program and should definitely be considered. The program offers two types of flood insurance - building and contents.
If you are a homeowner: – the NFIP offers flood insurance policies to cover your home’s structure and belongings.
What’s covered: Your foundation, electrical and plumbing, finishings, appliances, electronics, personal belongings, and more.
Coverage limits: $250,000 for the building and $100,000 for the building contents. These are typically purchased separately with separate deductibles.
If you are renting, your landlord likely has flood insurance that covers the building, but not its contents. Affordable, contents-only flood insurance will help you protect the items inside of your unit in the event of a flood.
Should you have any questions, we at Next Level Claims, offer a free, no-obligation policy review to ensure you have the proper coverage for your home. Don’t be caught with damage and no coverage. Check your policies today.
*Information sourced from https://www.floodsmart.gov/types-flood-insurance
Comments