Did you know that just because you don’t live along a river or near the coast, you could still be at risk for a flash flood? In fact, about 25 percent of all flood insurance claims come from areas that are not considered high risk, according to Floodsmart.gov the official site of the National Flood Insurance Program (NFIP). With this statistic in mind, you should consider adding flood insurance to your homeowner’s policy since a standard policy does not include this important coverage.
The average waiting period for a flood insurance policy to go into effect is 30 days, so consider adding this coverage before spring downpours create hazardous conditions around your home. When deciding the type of flood insurance coverage to purchase, the NFIP suggests you purchase Personal Property Flood Insurance in addition to Building Property Flood Insurance to ensure the items within your home are also covered.
In the unfortunate event that you need to file a claim, your flood insurance policy would cover the Actual Cash Value (ACV), otherwise known as the replacement value, of the damaged items or building, rather than providing you with the total value of the policy. It is important to note that flood insurance will not pay more than the policy limit in the event of a loss, and does not cover damage done from sewer or drain backup and sump pump overflows.
The rate for flood insurance coverage varies according to your location. The country is divided into flood zone risk areas with the government’s Flood Hazard Boundary Map. When the boundary map is collaborated with the government’s Flood Insurance Rate Map, an appropriate premium is set for different areas.
Soucy Insurance Agency encourages everyone to purchase this important coverage to avoid expensive losses. If you would like more information about protecting your home from flooding, please contact your independent insurance agent at 401-762-2218.