Remember how scary hurricane Matthew looked on the news? The storm seemed bigger than our state. Thankfully, we were able to dodge that bullet; but since we do have a yearly hurricane season, we should always be well prepared.
National Flood Experts assists homeowners in appealing FEMA’s high-risk flood zone designation. Doing so saves you money on flood insurance if your property isn’t likely to really need said protection. However, if it turns out that you do need to continue carrying flood insurance, make sure you take the following steps to maximize your protection:
Review Your Flood Insurance Policy:
We know, it’s a mind numbing task; but you have to do it. Don’t wait until you’re facing a hurricane warning to take care of this. Otherwise, you run the risk of your carrier denying additional coverage due to the certainty of the oncoming storm. If the language is too complicated, call your broker and ask them questions in plain English:
“Would my policy cover flooding due to heavy rainfall and a collapsed roof?”
“Would I be covered if a water pipe bursts during the storm?”
The answer to these questions is probably a resounding NO. According to FEMA, a flood is an inundation of two or more acres of land. Or of two or more properties from an overflow of inland or tidal waters. It could also be an accumulation of surface waters from any source; or mud flow, or a collapse of land along a shore, as a result of erosion, waves, or water currents. Unless one of those scenarios from the definition applies to you, you’d be out of luck.
Review your home insurance policy:
Wanna hear something that will make your head spin? The above examples might also not be covered by your existing home insurance policy, due to common water loss exclusions. Are insurance companies going to hell in a hand basket, or what? In any event, if neither your flood insurance or homeowner’s insurance policy might cover possible water damage to your home, you’ll want to ask your carriers for viable alternatives, or research all risk insurance.
Take care of these items today. Saving money is important, but so is protecting your family.