Wow, what an appropriate day for this blog post! We certainly hope our readers are safe and dry, and if you need insurance help, contact us!
As you may have seen in our latest video, home insurance is an important step to planning for your future. Flood insurance covers your home’s foundation elements and equipment that’s necessary to support the structure of your home/dwelling. When it comes to flood insurance there are a few important facts to keep in mind:
- Usually, homeowners insurance does NOT include flood insurance. Flood insurance is an additional layer of coverage that is not included in your typical policy. If you need it, ask for it.
- DO YOUR RESEARCH: Before you buy a home and while you own your home, do your research and find out whether your home is in a flood area, the history of your neighborhood, upcoming weather patterns, etc. Be prepared so that even if flood insurance isn’t mandatory for your home you can purchase it if you deem it necessary.
- Flooding has different definitions: Flooding can be caused by many different situations: too much rain, sewage overflow, and/or extreme weather. When flooding is caused by extreme weather (like hurricanes) an insurance company can claim that your coverage doesn’t apply, so make sure you are well informed as to what your policy covers and doesn’t.
- Some stuff is covered, some isn’t: things that are part of your home’s foundation (or essential) like a heater or circuit breaker are covered, while additional items that you must purchase like washer/dryer, freezer, food, entertainment items and the like are not because they are considered contents not foundation items.
The NFIP encourages people to purchase both building and contents coverage. Flood insurance does not cover basement improvements, such as finished walls, floors, ceilings or personal belongings that may be kept in a basement. For a complete list of what’s covered, view the Standard Flood Insurance Policy (SFIP) Forms.
Our goal at Kabco Benefits is to help you find the best policy for whatever situation you are in and what will best protect you and/or your family. Contact us to help you on the road to a better policy and better night’s sleep!