It’s easy to think that you don’t need flood insurance, especially if you live in an area not prone to flooding. However, with recent changes in weather patterns and the possibility of increased natural disasters, such as hurricanes, you never know when you might experience a heavy rainfall that causes flooding. Once the damage is done, it can be costly and stressful trying to repair it without flood insurance.
The Benefits of Flood Insurance Coverage
Although flood insurance coverage can be purchased through most insurance agents that sell homeowners insurance, it is underwritten by the federal government. The National Flood Insurance Program (NFIP) provides the bulk of residential flood coverage.
Some of the benefits of flood insurance include:
1. Coverage for vital electrical and plumbing systems in your home. This provides coverage for damage to things like water heaters, furnaces, pumps, water tanks, and so on.
2.Coverage for home appliances, even the built-in ones, like washing machines, dryers, refrigerators, air conditioners, and more.
3.Coverage for permanently installed carpeting over unfinished or wooden floors, as well as window blinds and curtains.
4.Coverage for personal belongings like clothing, furniture, and electronic equipment not stored in the basement.
5.Coverage for expensive valuables like jewelry, artwork, and clothing.
6.Coverage for a separate garage that is not attached to your original building and is used for limited storage or parking. Although 10% of your building coverage can be set aside for the garage, it will be deducted from the total amount of building coverage you are entitled to.
7.Coverage for other damages that might not necessarily be caused by floods. For example, this could include groundwater seepage, mudflow, overflow of water into your home from your neighbor’s swimming pool, or a water main break.
What Will Not Be Covered?
According to the NFIP, the following events will not be covered by flood insurance:
1.Moisture, mildew, or mold-related damages that could have been avoided with proper maintenance
2.Earthquake-related damages, even if they are caused by a flood triggered by the earthquake.
3.If the building is uninhabitable due to repairs or total damage, additional living expenses for things like temporary housing or feeding will not be covered.
4.There is no coverage for the loss of use or access to the insured property.
5.There is no coverage for losses caused by business interruption.
6.Flood insurance does not cover properties outside of the insured building like trees, plants, wells, hot tubs, swimming pools, septic tanks, and so on.
7.Currency, precious metals, and valuable papers like stock certificates are also not covered by flood insurance.
8.There is also no coverage for cars or any other self-propelled vehicles and their parts.
It is important that you make further inquiries with an agent who sells homeowners or renters coverage before purchasing flood insurance. At Abbate, we will help you to find the best insurance coverage to suit your unique needs. We compare prices among different insurance companies to give you the best rates available. Contact us today!