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What You Need To Know About Flood Insurance Coverage

Unless you’re a trust fund baby, you probably look for ways to save money. We’re not talking about penny pinching. We mean being efficient with our spending. And when it comes to insurance, we have a long list of items to cover: Homeowner’s or renter’s insurance, health, auto, jewelry, floods. So it’s understandable to look for ways to cut corners.

Are you adequately protected?

That said, if there is something the 2017 hurricane season has taught us, it’s that for people who live in high risk flood zones, flood insurance is non-negotiable. And that’s a smart stance to take. However, when shopping around for a policy, there are several things you should keep in mind:

  1. It takes 30 days for a new policy to kick in, so do not wait until you’re facing a hurricane warning to call providers.
  2. You can obtain different types of policies from FEMA’s National Flood Insurace Program (NFIP): property coverage for your structural home, and personal coverage for everything inside it.
  3. While flood insurance will cover damage caused by flood waters, they won’t assist you with damage caused by subsequent mold.
  4. If you have a basement, crawlspace, or any other sort of room or compartment below your home, be aware that coverage for those areas will be extremely limited.
  5. If you own a business, you can cover it with an NFIP policy; however, the protection is only for the structure. You won’t get compensated for income lost while business operations were suspended.
  6. While you can get private insurance with higher caps, the NFIP offers a wider range of coverage.

While one of the most valuable services we offer at National Flood Experts is a free evaluation of your home to determine whether you could be removed from a high risk flood zone, if it turns out that your property is indeed in need of flood insurance, we also help you look for the most cost effective policies that would cover your specific needs. Contact us to evaluate your property and see what we can do for you.

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