Although many floods occur due to hurricanes or overflowing river banks, you don’t have to be near a body of water to be the victim of a flood. Changing weather patterns and the constructing of communities in ways that inhibit the ground’s natural ability to absorb water make flash floods possible in more areas than ever before. While the flooding you usually see on the news involves rushing torrents of water carrying away structures and vehicles, significant damage can occur to a home with even an inch or less of water. Knowing these facts can perhaps change your opinion that “It can’t happen here.” Considering that any amount of water in your home can be very damaging and expensive, no homeowner should be without flood insurance.
Know Your Homeowners Insurance Policy
The first thing you need to know is that your standard homeowners insurance policy does not cover you for flood damage. If that were not bad news enough, federal flood disaster relief will only provide you with a loan to repair or replace your home. You will still be responsible to pay that money back, with interest, in addition to continuing to pay your mortgage on the damaged property. Your only logical option is to buy flood insurance.
The National Flood Insurance Program (NFIP)
If your community participates in the National Flood Insurance Program, you are qualified to buy flood insurance. After the waiting period, you can recover up to $250,000 towards the value of your home, $100,000 for its contents, and $500,000 for a commercial structure. Flooding can cause damage to your floors, carpeting, walls, water heater, furnace, air conditioner, and building structure. Not only does damage occur to the property, but debris, waste, and other material can be carried into the home. Flood insurance is structured to compensate for rectifying all these problems.
Homes, Businesses and Condos
Specific flood insurance policies can be purchased for a variety of structures from homes to businesses, apartments, and condominiums. For some of these structures with mortgages that are federally financed, flood insurance is mandatory. It can be comforting to know that you will be compensated for all covered items in the event of a flood, even if FEMA does not declare a disaster. You will be able to rebuild your home and replace lost items. Hopefully, all you have lost is property, and eventually you will be able to get your life back on track. Flood insurance information is available through your homeowners insurance agent.