Skip to main content

Water Removal Services

Is Flood Insurance Necessary And How Do I Get IT





Flood insurance is generally available to people in communities that participate in the National Flood Insurance Program (NFIP). Flood insurance policies can be purchased through local insurance agents by homeowners, business owners and renters who want protection for their homes, buildings and belongings. (Landlords can buy separate flood insurance policies to help protect the home.)

WHAT DOES FLOOD INSURANCE COVER?

So, what does a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:

Building property coverage
  • What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).
  • How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.
  • Maximum coverage limit: $250,000
Personal contents coverage
  • What it helps protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables, like art (up to a specified limit).
  • How it typically pays out: Actual cash value basis (takes depreciation into account).
  • Maximum coverage limit: $100,000

 






HOW DO I PURCHASE FLOOD INSURANCE?

local insurance agent can help you purchase a flood insurance policy from the NFIP.

You'll typically need to wait 30 days for your policy to go into effect, though there are some exceptions. For instance, if you purchase a flood insurance policy at the same time you take out a mortgage, the insurance may go into effect immediately, according to FEMA.

WHAT'S NOT COVERED BY FLOOD INSURANCE?

Equally important is knowing what's not covered by flood insurance. Here are a few examples of the types of property and expenses that fall outside the scope of a basic flood insurance policy, according to the NFIP:

  • Moisture or mold/mildew damage that "could have been avoided by the homeowner"
  • Currency, precious metals and paper valuables, like stock certificates
  • Outdoor property such as decks, fences, patios, landscaping, wells and septic systems, and hot tubs and pools
  • Living expenses, like temporary housing (if flood damage deems your home uninhabitable).
  • Cars and other self-propelled vehicles (but your auto insurance may offer some protection for your car if you have comprehensive coverage).

In addition, flood insurance provides limited, if any, coverage for below-ground rooms like crawl spaces and basements, and their contents, the NFIP says. Some items in these spaces (like the furnace) are typically included under building coverage. Others (like the washer/dryer) are usually covered under personal contents coverage. And some items ─ like your personal effects ─ may not be covered at all when they're kept in below-ground rooms.

Talk to an agent to help make sure you're clear about the coverage details, exclusions and limitations of a flood insurance policy and to help you make the right choices for your situation.

Of course, you should also remember that a flood isn't the only potential source of water damage to a home. That's why, in addition to understanding the potential benefits of flood insurance, you should also review the coverages offered by your homeowners insurance policy.

Armed with the knowledge and insurance coverages that are right for you, you'll go a long way toward protecting your home against water damage.

Comments

Water Removal Service

Water Damage Restoration Companies

Express Damage Restoration of KY, Fire and Water Damage Restoration, Nicholasville, KY Express Damage Restoration of Kentucky,Water Damage Restoration Service,Nicholasville,KY Express Damage Restoration Of Ky

Popular posts from this blog

water removal services near me, Richmond,KY

  FOR EMERGENCY WATER EXTRACTION CLICK TO CALL Maintaining your home in great condition is your biggest responsibility as its owner. Throughout your stay in your property, you’ll encounter numerous challenges. You’ll have to deal with appliance repairs, spend money for a remodeling project, or protect your home against disasters. Water damage is one of the most challenging problems that you can ever face as a homeowner. If water damage is left unchecked and untreated, it can pose several health risks for your family members and weaken your home’s structural integrity.      Causes Of Water Damage Have you noticed a puddle of water building up in your kitchen?  Are your ceiling and walls dripping water?  It can be challenging to find the source of water damage as it can originate from various places. But, one thing’s for certain: one or multiple structures of your home have incurred damage. Water damage can either come from the outside or inside. Water damage from the outside is mostly c

Read This Before Choosing A Water Damage Restoration Company

  What to consider when choosing a fire and damage restoration company Certified experts It is imperative to make certain that the company in question has all the required state and local certifications to complete the restoration job. These certifications should also be up-to-date. Certification: Look for credentials from the Institute of Inspection, Cleaning and Restoration Certification, also known as the IICRC, for well-trained fire and water damage experts. Sub-certifications: The IICRC has additional specializations such as mold remediation or structural and commercial Drying. Ask the company for details about their sub-certifications. Restoration vs. reconstruction: Note that the IICRC refers to restoration, not reconstruction. If the damage is to severe that contractors are required to partially or completely rebuild/reconstruct properties, make sure that they have all the proper local licenses and certifications necessary. Experie

Perils Typically Covered By Home Owners nsurance

  Perils typically covered by home owners insurance. A peril is an event, like a fire or break-in, that may damage your home or belongings. The perils covered by your homeowners insurance are listed in your policy. The list of mishaps you're protected against ("perils" in industry speak) is actually pretty broad. Here's a look at what the Insurance Information Institute says are some of the most common perils covered by a typical homeowners insurance policy: Fire and smoke Lightning strikes Windstorms and hail Explosion Vandalism and malicious mischief Damage from an aircraft, car or vehicle Theft Falling objects Weight of ice, snow or sleet Water damage Check your homeowners insurance policy to learn what perils it covers. FIRE AND SMOKE A home, belongings and structures like a garage or shed are all usually covered for fire damage (including smoke damage). If the condition of the home requires its residents to live elsewhere for a time, a policy will typically help