Why should you consider purchasing flood insurance?
It’s not a good idea to bet the odds — 20% of flood claims come from places where the flood risk is low, according to floodsmart.gov. The average cost for homeowner flood loss from 2007 to 2011 was $30,000, according to the National Flood Insurance Program (NFIP). While floods can cause major destruction, the damage caused by floods is not covered by standard homeowners insurance policies. Talk to your insurance representative about your flood insurance risk and the benefits of a flood insurance policy.
A flood insurance policy provides specialized coverage to help you protect your home and condo from rising waters. Costs vary depending on how much insurance is purchased, the date and type of construction, and the property’s flood risk. In general, flood policies can provide coverage for your home’s structure, furnace, water heater, furniture, appliances, clothing, rugs (with certain limitations for basement areas) and certain expenses you incur to protect your home from imminent flood damage and clean up costs. Generally, there is a 30-day waiting period from date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance. If you have any questions regarding homeowners insurance or flood insurance, contact your agent or company representative.