Flood insurance is available and isn?t unheard of when it comes to water damage protection. Smart homeowners know that the risk of damage from water will mean that they must secure their property with the proper insurance. Because water damage can occur at any time, no matter the season, its best to consider flood insurance as a requirement, instead of an option.
Flood Insurance 101
Flood insurance is an additional insurance policy that includes any items in your home and your property. The difference between this kind of insurance and others is that it is subsidized and supported by the federal government as well as your local community. The involved insurer isn?t just a private insurance company. Also, you get the benefit of regulation by a public organization called the National Flood Insurance Program. Its purpose is to allow property owners to purchase the insurance they need. The policy is purchased through private companies but is controlled through the federal government.
Why Is it Important?
Flooding occurs more frequently than you imagine, making it necessary to obtain insurance. Among natural disasters that can happen, flooding is by far the most common. Its
best to consider it a very real possibility. Given this, protecting your assets with insurance specifically for floods is a good idea. Another reason you need flood insurance is because most homeowner policies don?t include damage by floods. It often needs to be specified in order to apply. Many areas even require homeowners to carry flood protection. If you live in a locale prone to flooding, many mortgage companies won?t approve your loan without carrying this coverage.
Can Anyone Get Flood Coverage?
There are many homes that won?t be covered by flood insurance. It might be difficult to obtain this insurance if your property is located in an area that has a major risk of flooding, year after year. Beachfront properties found in areas prone to storms and hurricanes may not always be covered. Its actually a common misconception that everyone can get this coverage.
How To Choose the Best Policy
The National Flood Insurance Program offers many different policies for buildings and there contents. Prices for each are determined beforehand, and the degree of risk that the property is exposed to is a factor that must be considered when choosing coverage. The risk level of your property is also a determining factor in price. When purchasing this coverage, be aware that it won?t be made effective until thirty days after purchase.
Source: http://www.drypatrol.com/flood-insurance-101/
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