As we approach the spring season and the likelihood of rain showers, it is imperative that homeowners understand the importance of securing proper flood insurance.  Standard homeowners insurance and renters insurance does not cover water damage resulting from ground water flooding.  Unfortunately, many homeowners learned last Spring that flooding can occur almost anywhere.

Your local independent agent can help to explain your options regarding flood insurance.  Supplemental coverage is available through the National Flood Insurance Program (NFIP).  This coverage provides for up to $250,000 for the structure of the home and $100,000 for personal possessions.  While the NFIP provides replacement cost coverage of your home, it will only cover the actual cash value of your possessions.  This is important, because actual cash value is designed to replace your possessions, minus their depreciation in value – the older your valuables are, the less they are worth.

Most homeowners in designated flood zones typically have the necessary flood insurance; however inland areas are also susceptible.  People living next to rivers or ponds, and even those whose homes reside at the base of a hill should consider their coverage options.  Flood insurance is just as important for renters as it is homeowners.  If your apartment became inundated with ground water flooding, none of your possessions would be covered – thus resulting in a total loss.

If you would like additional information on coverage available through the National Flood Insurance Program, contact your independent, Trusted Choice agent.  Please remember that there is a 30-day waiting period for coverage to take effect so if you are considering flood insurance it is best to act now.