You don’t have to live near a body of water to have the peace-of-mind that flood insurance brings. Even a single inch of rain water can cause severe damage to your home and personal possessions. You most likely will need flood insurance if you want to protect your home from water damage from an unusual and rapid accumulation or run off of surface waters from any source. Nearly all Homeowners carriers exclude damage caused by a flood and this insurance must be purchased separately.
What Flood Insurance Covers
When you have flood insurance, your home and possessions are protected from physical damage that includes:
- Damage to the physical structure and foundation of your home
- Electrical, HVAC, and plumbing systems
- Appliances, built-in bookcases and cabinets
- Personal belongings such as clothing, electronics, and furniture
- Personal valuables such as furs and original artwork
Flood insurance works differently than your standard homeowners insurance policy and the coverage is different too. For example, flood insurance doesn’t cover living expenses such as temporary housing needed in the event of a flood. It also excludes coverage for vehicles, currency and valuable papers (such as stock certificates or bonds), or precious metals and coins. Another difference is it can be written to cover only part of the value of the property being insured. In some cases excess flood coverage may be available. If you want to insure separate structures on the property, in general, separate flood policies must be written for each structure.
National Flood Insurance Program
The National Flood Insurance Program (NFIP) provides affordable flood insurance to homeowners and renters through insurance providers with nationally set rates. That means your flood insurance rates remain consistent no matter who your insurance provider is. The only factor that usually changes your rates is if there is a remapping of your flood zone. In this situation, new rates will be regulated and set by the NFIP for your specific flood zone.
For special flood risks, alternative markets are available through surplus lines insurers like Lloyds of London. For information on these special programs, please contact our office.
When you choose Beach & O’Neill Insurance Associates for your flood insurance, you get more than 60 years of experience and a dedication to customer service from us. We provide full service insurance solutions to help you protect everything that matters in your life. Our experienced staff can help you understand which risks and claim scenarios you are most likely to face and can help you determine the right insurance products to safeguard you, your home, and your family from financial loss.
Don’t wait for extreme weather or heavy rainfall to force you into looking for flood insurance. There is a 30 day waiting period before coverage takes affect and you need to purchase the coverage prior to the flood event. Contact us to find out how affordable it can be to shore up the gap in your homeowners policy by purchasing flood coverage.