For many homeowners, flood insurance is more of an add-on to the current homeowners insurance. As each policy varies on whether or not flood insurance is included, it is important for homeowners to know if they have or need flood insurance. If you discover you have no type of protection against flood damage and are trying to determine if you should seek a flood insurance add-on, Signet Insurance Group would like to break down flood and insurance and who will benefit from having this additional protection policy.
What is Flood Insurance?
Flood insurance is a type of property insurance policy. Flood insurance will cover the losses caused directly by water damage as a result of flooding. As each Flood insurance will vary, most policies will cover flood damage caused by heavy or prolonged rains, melting snow, blocked storm drains and dam failure. As each region will vary on environmental risk, policy coverage tends to apply to local conditions. For many states, flooding is an uncommon and unanticipated event which is why many homeowner’s insurance does not include Flood insurance.
What is Covered Under a Flood Policy?
Flood insurance is not a required insurance and may not be part of your regular homeowner’s insurance. For those who have flood insurance and if your home was damaged due to rain, snow, blocked storm drain, or dam failure due to a major storm, you have to file a claim and seek help restoring your home and personal items that were damaged by the flooding. Flood insurance doesn’t include pipes breaking, appliance failure, and if other household appliances and systems have failed.
How Does Flood Insurance Work?
When flood damage was a result of a storm you can file a claim. An insurance adjuster will then schedule an appointment. They will come to your home to do an inspection and create an estimate of the total damage and repair cost. In most cases your flood insurance provider will have contractor the specialize in repairing flood damage. They can help you find a contractor to repair your home. The insurance adjuster will also make a list of the items that were damaged and their current value. They will then write you a check to replace your damaged items. Your Flood insurance should help cover the cost of lost items and the repair of your home.
Do I Need Flood Insurance?
The major question is do you need flood insurance? Floods can occur without warning and anywhere around the world. Even though the west coast has been in a prolonged drought, the State of California is being flooded right now. Texas has had their fair share of unanticipated flooding. You never know when you may become a victim of flooding. However, one of the first steps you can take is to see if you are in a flood zone. Cities will map out the land and determine flood zones. If your home is located in a flood zone, then you are at risk of a flood. You can also research city records and see when the last major flood occurred and which areas was most effected. Seeking Flood insurance is based on each individual homeowner’s own decision.
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