Flood Insurance Policies
A typical home insurance policy does not include flood coverage. Most homeowners discover this when they actually need help, but by then it’s too late. Whether you live in a flood plain or not, you can benefit from flood insurance.
Am I At Risk?
You should buy insurance as soon as possible because policies generally do not become active until 30 days after the first payment. The longer you wait, the more at risk you are. Also, you should speak with an insurance agent to see the risk level of your home. But even if you’re not in a flood plain, you can benefit from this coverage. For example, coverage will fill in the gaps of home insurance when water damage takes place after heavy rains, hail, damaged levees, and a variety of other situations.
Coverage does supplement a homeowner's insurance policy, but it might not be enough. A policy might offer $200,000 for the structure of the home and an additional $100,000 for personal possessions. If a family has a more expensive home or particularly expensive items, then they will need more coverage.
Every policy has stipulations, but keep in mind that no policy will cover every single scenario. There can also be a difference between storm damage and flood damage when it comes to insurance policies. Also, if a damaged sewer line floods an entire neighborhood, then the homeowner will most likely need to seek financial assistance from the city.
Speak with an insurance agent to determine your level of risk, and to decide if you should purchase flood insurance.
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