Do you happen to live in an area that sees high amounts of precipitation or is prone to flooding? If so, properly protecting your home by purchasing insurance against flooding is a must. But before you do so, there are certain things you should know.
What exactly will be covered under your flood insurance plan, and what is not? Read on to discover these flood insurance facts and more, so you can pick the plan that’s right for you.
The Dangers of Flooding
Experiencing flooding can be traumatic for many reasons. Sentimental items irreparably damaged, personal injuries, and being displaced from your home all contribute to the harm flooding causes.
Unfortunately, in certain areas, flooding is difficult to avoid. It is possible to implement some forms of infrastructure or home features that can go a little way toward keeping floodwaters at bay, but at the end of the day, it’s not an easy task.
Repairing water damage from flooding can be costly, as many people who are the victim of freak incidents learn. This is why, to offset the potential risks and negative effects flooding can have, many people opt to take out flood insurance.
What Is Flood Insurance?
Flood insurance, as the name suggests, is an insurance policy that deals with flooding in a home or business. It is separate from homeowners insurance, which unfortunately does not cover flooding as standard. There are many different providers, from Better Flood, a small company based out of Texas, to larger corporations such as Geico.
Insurance Facts: What Does Flood Insurance Cover?
Flood insurance offers great peace of mind to homeowners who have it, as it covers everything from the property itself to everything contained inside.
This is comprehensive cover. Everything from the house’s foundation, electrical wiring, and plumbing to built-in appliances and carpeting, are typically covered. In terms of the personal items that are eligible for cover, things such as clothing, furniture, microwaves, and dishwashers all qualify.
What Exclusions Apply?
Currency, precious metals, and valuable documents are generally not covered. Neither are cars or other self-propelled vehicles. One more thing to note is that in some policies, basement areas are not available for full cover, as they are underneath the first floor of the home.
When looking for a flood insurance policy try to ensure the estimated value of your possessions roughly matches their actual value. Otherwise, you might end up not receiving enough in your payout to replace everything.
Normally, a policy will not pay for any temporary accommodation you are required to procure while your home is being repaired. You likely also won’t be covered for mold or other types of moisture damage.
Make Sure You’re Protecting Your Home
One of the most important insurance facts: it’s better to be safe than sorry. Even if you don’t live in an area that is prone to flooding, it may be wise to purchase flood insurance anyway, as a precaution. You might not think that it’s applicable to your situation, but in the case that you did have a flood, you’ll be happy to have it.
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