Thursday, September 21, 2017

Why Do You Need Flood Insurance?

Flood Insurance

The destruction left by hurricanes Irma and Harvey has left a reminder to homeowners to get a flood insurance, specially this year which has been particularly bad for disastrous weather.

Here are the basics for flood insurance policy:

Who needs flood insurance?

People who live in high-risk areas with federally backed mortgages are required to buy flood insurance. For renters in high-risk areas, or if you know your apartment has flooded in the past, you should consider buying insurance. However, apartments below street level are almost never covered by flood insurance for renters.

For homeowners and renters who live outside the high-risk areas, it can be a low-cost expense.

Where to purchase flood insurance policy?

You can purchase a policy from National Flood Insurance Program, if you live in a participating community, or from a private insurance company.

How much does flood insurance cost?

Premiums depend on the area where you live. The average annual price of flood insurance under the National Flood Insurance Program was about $878 in April of this year.

Does my homeowner or renter’s insurance protect me from floods?

Ussually homeowner or renter’s insurance doesn't cover flood damage it is one of the most commonly excluded hazards in homeowners insurance policies. You should check your individual policy. Homeowners and renters need to buy separate flood insurance. As a renter, you may be able to buy flood insurance from the National Flood Insurance Program if you live in an area that participates in the program.

Does flood insurance cover water damage from plumbing leaks?

It doesn't cover it. Homeowner’s or renter’s insurance usually cover something like a ruptured pipe or sudden damage.

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