Quick Facts About Flood Insurance You Need To Know
Floods are America’s common natural disaster, inflicting billions of dollars in damage yearly. Yet, shockingly, many homeowners need to prepare financially if a flood were to hit. The following are some fast facts concerning flood insurance that will better protect your home and assets.
What is Flood Insurance?
Homeowners can safeguard themselves financially in the case of a flood by purchasing flood insurance, a specialized form of property insurance. Unlike most homeowners’ policies, flood insurance will cover the water damage from outside sources—something critical in flood-prone areas.
Why Do You Need Flood Insurance?
Often, people feel that they are not exposed to flooding because they do not live in a high-risk area. One inch of water can inflict catastrophic damage, and floods happen nearly anywhere. Flood insurance can also provide financial protection that federal disaster assistance does not cover; it enables you to repair and rebuild without financial burden.
How to Choose the Right Flood Insurance Policy?
Assessing Coverage Needs
Accurate flood insurance values are based on your property’s value and the amount of flood risk. An insurance agent’s evaluation of the replacement cost for your house and personal belongings, especially for specified needs, will be taken into account to ensure that the right amount of coverage is obtained.
Types of Policies
An individual or business can get flood insurance through the National Flood Insurance Program (NFIP). In general, NFIP policies are government-issued, standardized policies and, therefore, tend to be of top quality for most homeowners. Private flood insurance policies normally afford an expanded scope of coverage and the flexibility to customize options.
Cost Factors
The flood insurance premium cost depends on the locale, elevation, the date and type of construction of your home structure, and the overall flood risk in the community. Also, taking flood mitigation measures and maintaining a good claims history can reduce the premiums.
What Does Flood Insurance Cover?
Flood insurance mainly covers two classes: property structure and personal property. The building property class ensures the structure of your house, the foundation, electrical and plumbing systems, and major appliances. Insuring your possessions, other courses include furniture, clothing, and electronics, among others. However, it usually does not cover cash and precious metals.
How to File a Flood Insurance Claim?
You should respond promptly after a flood. Take pictures and videos that show the damages caused. Report the loss to your insurance company and be prepared to give detailed information about the loss when asked. An insurance adjuster will work with you to ensure you get the right compensation.
Conclusion
Knowing basic information about flood insurance will go a long way in helping to protect your home and finances. Do not be caught off guard by a flood. Contact Pelican Insurance Agency for personalized advice and a wide range of coverage plans. Let our experienced team help protect your home from unexpected risks and ensure peace of mind. Give the Pelican Insurance Agency a call and obtain your flood insurance policy today.