Floods are a serious risk to any home. They are also one of the most common risks to American homes, even more so than fires. However, homeowners,condominiums,and renters policies normally do not offer coverage for damages caused by flooding.
Flood insurance is an important way for people to protect their homes. A house is more than a residence, it is an important investment. Floods do not only damage high-priced homes on the water with scenic views. Unfortunately, in the event of a huge disaster, homes in inland areas can be affected. Floods can also be a problem for homes close to rivers, or in areas with heavy rainfall. A flood or flooding can occur almost anywhere with catastrophic results.
The Basics of Flood Coverage
The risks posed by a flood are typically not covered by a standard homeowners policy. Renters in commercial or residential spaces can generally purchase flood coverage for their belongings. Cheap flood insurance is often available, especially for people in low-risk areas. For homeowners, it is a bit more complicated.
When it comes to coverage for a home, a typical flood policy provides coverage for direct physical losses. Coverage may also be provided for losses related to erosion, unusually high waves, or tidal surges related to a flood.
All of this will be spelled out in the specific flood insurance policy. It is very important to read the flood policy carefully. Typically, the personal belongings in a structure are not automatically covered. Extra coverage for contents may, however, be purchased. Personal belongings are more expensive to replace than many people realize, so this extra coverage should be considered.
In high-flood-risk areas, it is often impossible to purchase insurance through a private insurer. The risk is too great for a private company to make an affordable option available. In many such cases, The National Flood Insurance Program provides a viable option. This coverage is provided through FEMA. Not every community participates. The list of communities currently enrolled in the program is available online.
Choosing Flood Insurance
Reviewing a flood insurance quote is an important part of the decision-making process. Ask plenty of questions. No one should decide on a policy without the facts.
At Fox Insurance Agency, we are an independent agency. We serve clients throughout Oregon, California, and Washington state. Cheap flood insurance may be available, and we are happy to help you find it. Contact us today.
The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.