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Flood Insurance

Flood Insurance

As you should know, your home isn’t protected against floods. Only 12 percent of U.S. homeowners have flood insurance, which means the other 88 percent are either betting that a flood won’t hit their homes or they mistakenly believe that the insurance for their home will cover it. In either case, people need to be better informed.

Flood insurance covers physical damage to your property and possessions as a result of flooding. You can purchase coverage to protect your home, your belongings, or both. Building property coverage protects the physical structure of your home and its foundation. It also covers plumbing and electrical systems, air and heating systems, cabinets and paneling, attached bookcases, and a detached garage. Personal contents coverage protects clothing, furniture, some appliances, freezers and the foods within them, electronics, and other certain valuables like art. Homeowners that live in a community that participates in the NFIP are eligible to qualify.

The insurance is required for homes and businesses in high-risk flood areas with mortgages from insured or federally regulated lenders. If you live in a moderate-to low-risk area, your lender may still make the insurance a requirement. Typically, there’s a 30-day wait period from date of purchase until the policy goes into effect. However, there are a few exceptions, such as if you purchase the insurance in connection with increasing, making, renewing, or extending your mortgage loan.

Most often, flooding causes a lot of stress to go along with the damage. There’s damage to the home, loss of possessions, and just an interruption of daily life. Fortunately, having the proper insurance will help you in these situations. You can be reimbursed for covered losses and have even minor issues taken care of. Your home and possessions should be adequately protected because you never know what can happen.

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