Home Insurance Articles
Advantages To Purchasing Flood Coverage For Your Home
2010-07-16
Your home can be at risk of becoming flooded even if you do not live in a flood prone area. Buildings located in low and medium risk areas are vulnerable to the ravages of flooding. Standard homeowner policies do not provide coverage for damage occurring because of a flood. Your home is eligible for flood insurance protection if your community takes part in the National Flood Insurance Program. When requesting home insurance quotes, ask that National Flood Insurance protection be included in the quote. In the event of a flood, one of the insurance claim questions will be whether you have National Flood Insurance. You must answer "yes" for damage to your home to be covered.
It is risky not to carry flood insurance if you live in an area that participates in the National Flood Insurance Program. Water can cause as much financial loss as fire. It can weaken structures and ruin paneling and drywall. The contents of flooded rooms often have to be discarded. Receding flood waters leave behind debris, sediment and sometimes sewage. Mold grows on damp surfaces. A mere one inch of water can cause a great deal of destruction. All of this damage is expensive to rectify.
Homeowners protected by flood insurance are compensated for all losses covered by their policy. Compared to the prospective financial loss from water damage, flood insurance is relatively inexpensive. The federal government backs the National Flood Insurance Program, so you can be assured your claim will be paid. Even though this is a national program, your insurance agent handles the claim and all insurance claim questions. A partial payment can be requested immediately after a flood to help with immediate expenses.
Flood insurance has separate coverage for buildings and contents. The building coverage limit under the regular program for a single family home is $250,000. The maximum for the contents is $100,000. If you want coverage for both the home and its contents, make certain you specify that when shopping for home insurance quotes. You do not have to own a home for the contents to be insured under this program. Renters are eligible for this protection also.
You do not need to live close to a body of water to need protection from flooding. There are other, often overlooked, causes of flooding. Hurricanes, storms and snow-melt can cause serious flooding along with the resultant damage. Clearing land for construction and paving large areas also interferes with the land's ability to absorb excess water. It can alter the natural paths that water runoff usually takes. This can cause flooding in areas that otherwise are not prone to rising water. It is wise to include flood insurance when getting home insurance quotes.