Flood Insurance
Introduction to Flood Insurance
Flood insurance is a unique kind of insurance that ensures protection for one’s property in cases of damage to the actual structure, or to one’s personal property within, that is caused by water. This kind of damage usually will be the result of rising river waters or from oceans and lakes in times of flooding. Normally these kinds of events are not covered by standard homeowner insurance policies. All who own properties that are at risk for flooding are well-advised in buying this specialized kind of insurance coverage. Some regions of the U.S. are more vulnerable to flood damage than other parts of the country but, indeed, flooding can happen just about anywhere and anytime, so keep that in mind when considering insurance coverage options. Also, remember that mortgage companies will often obligate you to buy this insurance coverage if you utilize a loan in purchasing your home. As opposed to other insurance policies, standard, entry-level flood policies are federally regulated. You can certainly opt to purchase extra flooding coverage to provide protection for anything that the standard insurance coverage does not safeguard. For example, this extra coverage can extend protection to computers, your wardrobe, other home electronics and appliances, furniture, collectibles, and more.
One is wise to not wait until his or her property is the immediate target of some major weather event prior to obtaining good flood insurance. And take note that many insurance providers will require a 15 to 30 day waiting period prior to filing a claim. One is well advised to create an inventory list of all items within the walls of the home to be insured in preparation for the purchase of the flood insurance so as to be squared away and prepared for any future flooding event. Know that it can be extremely costly to repair (or replace) a property damaged by a flood event. Indeed, attempting to pay for such costs out-of-pocket can be impossible for most property owners. It is therefore wise to carry the proper level of flood insurance so that you and your loved one will be financially protected from the consequences of such a flood event.
