Now, if you live in these high-risk areas, you probably already have the required flood insurance protection. But what if you don’t? Well, we’re here to help clarify some information about flood insurance in another one of our weekly installments!
Those that live outside of a high-risk flood area are not required by law to purchase flood insurance. However, please keep in mind that you are still at risk for flooding and should consider purchasing this additional coverage. Natural disasters can strike anywhere without prejudice and your homeowner’s policy does not cover damage due to flooding.
When it comes to getting coverage on your flood insurance, you are usually eligible as long as your community participates in the National Flood Insurance Program (NFIP). One key difference in flood insurance in comparison to your homeowner’s insurance is that flood insurance is the only type of insurance that will cover losses to your property caused by flooding. When purchasing flood insurance, it’s important to remember that there is usually at 30-day waiting period before coverage becomes effective.
One positive to obtaining flood insurance is that premiums are set by the NFIP and do not differ among insurance companies. So, regardless of where you purchase your flood insurance, you are getting the same rate across the board.
When it comes to the contents of your home, here’s an overview of what is covered:
It is also important to note what is not covered under your flood insurance policy. Here is a partial overview of what is excluded under the policy:
As always, it is important to talk about flood insurance with your insurance provider. Floods can strike anywhere and everywhere, so it is important to be protected in the event of an emergency. Here at Ramey King, we’d be happy to sit down and discuss flood insurance with you to help protect your home and its contents!