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Is Flood Insurance Necessary in Your Neighborhood?

As a homeowner, you are responsible for completely protecting your home and property from natural disasters such as lightning, fire, and windstorms. If you concentrate only one thing, you might end up forgetting to insure against other things like water damage as a result of flooding.

The fact that homeowner’s insurance doesn’t cover flooding damages compels many homeowners to apply for flood insurance. Flood insurance is a type of home protection policy that covers costs associated with water damage. The flood insurance program offered through the government, the National Flood Insurance Policy, has a limit as to how the much insurance can cover. The flood insurance program has two policies which one covering building property a cost of up to $250,000 and the other plan covering personal property up to a value of $100,000. Below are reasons as to why flood insurance might be necessary in your neighborhood and when to consider applying for it.

Attention in Weather

The world has witnessed devastating changes in weather patterns resulting in more torrential rains and windstorms leading to repeated flash floods and damaged homes. Just this year has had plenty of examples of extreme weather and emergencies due to climate change. Since regular homeowner’s insurance doesn’t cover flood damages, it’s necessary for any individual in such areas to have flood insurance that will cater for repair costs. This might mean beefing up your insurance, based on your location to hurricanes, flooding, or flash flood areas.

Property Damage

Flooding can occur anytime and anywhere. If you are living in low-risk areas, you might be compelled to buy flood insurance under the personal property policy. The personal property coverage program is limited to property in the basements, crawl spaces, or property located in any living space below ground level. Installing a home alarm system that detects and alarms the whole house to the possibility of flooding will be of great help in handling these types of flooding.

Protecting Investments

Flood insurance is essential in your neighborhood since it’s the only insurance policy that will cater for the repair costs resulting from flood water damage. You will be sure of the safety of certain investments if you decide this kind of protection will help in your area. Ask about what situations might be different, depending on the type of flooding.

Flood insurance is the only coverage plan that is liable to compensate you for damages resulting from mudslides or groundwater outflow. In a scenario where your neighbor’s swimming pool on the above ground, collapses, and the water flows into your home damaging property and your building, flood insurance will cover all the costs of a repair. If it happens that a main water pipe breaks and leaks water into your home and at least one other house in the neighborhood resulting in damages, flood insurance comes to the rescue and covers the costs of repair.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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