Flood Insurance
Water is one of the fastest moving forces on earth and can cause extreme damage in minutes. Floods in your home can lead to future problems like mold and mildew. While some may assume that your home insurance covers floods and the replacement costs associated with them, that is not the case. Flood insurance is an additional piece that will need to be added to any other policies you have to adequately protect your home or business. Below, we will share how flood insurance can help you in an emergency and what you need to know before purchasing a policy.
Understanding Flood Insurance
Flood insurance is a type of property insurance that covers the damage flooding has caused. Flooding can happen from pipe bursts, plumbing problems, overflowing rivers, heavy rain, rapid snowmelt, or natural disasters. When you purchase comprehensive flood insurance, you will have peace of mind about the physical building and the items that are stored there. Financial protection is offered when you have flood insurance from a skilled insurance company.
Building Property Coverage
Building coverage covers the physical structure of your home. The foundation, electrical, plumbing, HVAC, and more. This will help pay for the repair or replacement of all of these elements.
Personal Property Coverage
The items you keep in your home will also be covered. Flood damage restoration or replacement can be expensive, so the help of your insurance will help lessen the financial strain on your pocket.
It is important to read through the policy offerings completely to understand special circumstances that will not be covered. Some insurance companies may not cover mold remediation, for example. Doing your research will help avoid sticky situations later.
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Common Misconceptions About Flood Insurance
Some residents may assume that because they are not in a flood zone, they don’t need to purchase flood insurance. However, it is always best to plan for the worst-case scenario than wish you had when disaster strikes. Flooding can happen anywhere at any time. Even homes that are not in high-risk areas could experience water damage at some point in their lifespan. Flood insurance will save you from financial ruin or debt if the unthinkable happens.
Another misconception that people often associate with floods is that government assistance will help cover their losses. While federal relief does exist, it often comes in the form of a low-interest loan, which you will have to pay back. Flood insurance provides direct compensation for larger amounts with a much more affordable monthly payment to keep the insurance valid. The cost of repairing flood damage will be far greater than any premium you pay to an insurance company.
How To Prepare For Floods
While insurance is a nice safety net to have, there are other actions you should take to help protect as much of your personal property as possible. Before a flood is even a risk, it is best to install flood vents in your foundation to help water flow through and keep your house from settling. Other protective measures can be implemented to keep electrical dry and avoid fried appliances.
When a flood risk is active, make sure that you have a family emergency plan already in place. Evacuation and travel plans should be made and discussed before a flood ever approaches your home. Having emergency supply kits and food will help sustain you while you are misplaced from the home, even during flood repairs.
Frequent gutter and drain cleaning can also lower the risk of floods. While these may not cause extensive damage, the overflow in certain areas of your home could cause problems in the future. Overflowing gutters could cause premature soil erosion and house settling, leading to expensive structural repairs. Drain clogs could lead to pipe leaks inside your walls, leading to mold poisoning or other illnesses.
Insurance Policy Research From Tower Insurance
Tower Insurance Brokers help you navigate the saturated market of insurance companies. While we don’t offer coverage, our team helps you find the most affordable and comprehensive coverage option. Working with a broker takes a lot of the research off your shoulders because our team helps weed out candidates that won’t work for your unique situation.
Our team works with many different insurance companies and will help negotiate your payments, offerings, and coverage. With many big-name companies willing to work with us, Tower Insurance will get you the best rates that can protect your home, business, and valuable assets. Reach out to our team to learn more about our process.