Flood Insurance

Flood Insurance Policies

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Flood Insurance Facts

Floods are a common natural disaster. In 2014, the average cost to repair property damaged by flood was $39,000. Unless you have disposable cash at the ready, you might want to consider flood insurance. It will protect your property and possessions in the event of a flood.

Most homes that need flood insurance don’t have it. Many homeowners don’t even realize they need it. When they discover their homeowner’s insurance doesn’t cover floods, it’s usually too late and a flood has occurred. Everyone homeowner should know about flood insurance, and why it’s important.

There are three types of flood insurance policy.

1. Residential Condominium Building Association policies are given to condominium associations and buildings.
2. General Property policies are for hotels, apartment buildings, dorms, shops, factories, warehouses and assisted-living facilities.
3. Dwelling policies are for residential townhouses, row houses, detached homes, individual condominium dwellings and mobile homes.

It is assumed that homeowners in high-risk areas should purchase flood insurance. But the fact is every home has the potential to be damaged by a flood. Natural disasters can happen at any time. All it takes is one heavy rainfall to cause flooding in areas that don’t usually flood.

Rain, river overflows, broken dams, strong coastal winds and melting ice can cause floods. In order for the property to be covered, the flood has to occur as a direct result of a natural disaster. Each policy is different, but here’s an example of the types of things it covers:

1. Kitchen appliances
2. Plumbing
3. Debris removal
4. Electrical wiring
5. Clothing
6. Furniture
7. The home and foundation


A flood can end up costing you thousands of dollars. If you live in an area that is known for floods, then you should get flood insurance.



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