The Risks of NOT Having Flood Insurance
While the majority of people have homeowners insurance, many fail to realize the importance of flood insurance. The same goes for business owners and their insurance. Flood insurance is a separate policy that only covers damage associated with flooding. Flooding can happen anywhere, whether you live near a body of water or inland. Keep reading to learn more about flood insurance and the risks of not having it.
As with any other insurance policy, it's important to know exactly what your policy covers. Many circumstances can cause water damage to your home, but only in the event of actual flooding leading to/causing other issues, will it be covered by flood insurance. Be sure to talk to your local agent to make sure you understand exactly what types of situations are covered and what ones aren't. Flood insurance rates don't differ from company to company; rates depend on the date and type of construction of your home, along with your area's risk level. It's also important to know that there is a 30-day waiting period from the date of purchase until the policy goes into effect.
Flood insurance policies cover physical damage to your property and possessions. Here's a general list of what is and isn't covered with your flood insurance policy:
What's Covered: Building and Personal Contents
Whether you own or are renting your home, you have the option to protect your home and its contents with flood insurance. If you live in a condominium, the association may have a policy for building coverage, but it's still a good idea to obtain coverage for your personal belongings. The same goes for renters. While flood insurance isn't federally required in moderate-to-low risk areas, it's still a good idea. In fact, people in these areas file more than 20% of all flood insurance claims. People who live in these areas can often obtain flood insurance coverage for one low price. Those living in high-risk areas, for example those right on the coast, flood insurance is federally required. The standard-rated policy offers separate building and contents coverage.
As a business owner, you know that protecting your building and the property inside is vital to your success. If your business is located in a moderate-to-low risk area, you can qualify for a preferred rate. You can choose whether you want to purchase both building and contents coverage for one low cost or you can opt for contents only coverage. However, if your business is located in a high-risk area, the standard-rated policy is your only option.
All it takes is a few inches of water to cause major damage to your home and its contents. For example, just 2 inches of flood water in a 1,000 sq-ft home could cause losses of up to $10,000. Check out FloodSmart's interactive tool that shows what a flood to your home could cost, inch by inch.
Further protect your home, commercial building and all their contents by creating a flood mitigation plan today. Talk to your community leaders about investing in an easily-stored flood protection product such as Big Bags USA®. Our flood barriers provide lightening fast protection at a fraction of the costs normally associated with rapid deployed systems. Give us a call at 1-800-337-0537 for more information on our flood control products.
Flood Insurance Basics
As with any other insurance policy, it's important to know exactly what your policy covers. Many circumstances can cause water damage to your home, but only in the event of actual flooding leading to/causing other issues, will it be covered by flood insurance. Be sure to talk to your local agent to make sure you understand exactly what types of situations are covered and what ones aren't. Flood insurance rates don't differ from company to company; rates depend on the date and type of construction of your home, along with your area's risk level. It's also important to know that there is a 30-day waiting period from the date of purchase until the policy goes into effect.
Flood Insurance Coverage
Flood insurance policies cover physical damage to your property and possessions. Here's a general list of what is and isn't covered with your flood insurance policy:
What's Covered: Building and Personal Contents
- The building and it's foundation
- Electrical and plumbing systems
- HVAC and water heaters
- Built-in kitchen appliances such as stoves, refrigerators and dishwashers
- Permanently installed flooring, paneling, wallboard, cabinets, etc.
- Window blinds
- Detached garages (up to 10% of the building coverage, otherwise a separate property policy is required)
- Debris removal
- Personal belongings such as clothing, furniture and electronic equipment
- Curtains
- Portable and window AC
- Portable microwaves and dishwashers
- Washers & dryers
- Food freezers and the food in them
- Certain valuable items (up to a limit, otherwise additional coverage should be obtained)
- Damage caused by moisture, mildew or mold that could have been avoided by the property owner
- Currency, precious metals and valuable papers
- Property and belongings outside of an insured building, such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs and swimming pools
- Living expenses, such as temporary housing
- Financial losses caused by business interruption or loss of use of insured property
- Most self-propelled vehicles, such as cars, including their parts
Residential Risks
Whether you own or are renting your home, you have the option to protect your home and its contents with flood insurance. If you live in a condominium, the association may have a policy for building coverage, but it's still a good idea to obtain coverage for your personal belongings. The same goes for renters. While flood insurance isn't federally required in moderate-to-low risk areas, it's still a good idea. In fact, people in these areas file more than 20% of all flood insurance claims. People who live in these areas can often obtain flood insurance coverage for one low price. Those living in high-risk areas, for example those right on the coast, flood insurance is federally required. The standard-rated policy offers separate building and contents coverage.
Commercial Risks
As a business owner, you know that protecting your building and the property inside is vital to your success. If your business is located in a moderate-to-low risk area, you can qualify for a preferred rate. You can choose whether you want to purchase both building and contents coverage for one low cost or you can opt for contents only coverage. However, if your business is located in a high-risk area, the standard-rated policy is your only option.
Flooding Costs
All it takes is a few inches of water to cause major damage to your home and its contents. For example, just 2 inches of flood water in a 1,000 sq-ft home could cause losses of up to $10,000. Check out FloodSmart's interactive tool that shows what a flood to your home could cost, inch by inch.
Further protect your home, commercial building and all their contents by creating a flood mitigation plan today. Talk to your community leaders about investing in an easily-stored flood protection product such as Big Bags USA®. Our flood barriers provide lightening fast protection at a fraction of the costs normally associated with rapid deployed systems. Give us a call at 1-800-337-0537 for more information on our flood control products.
If you have an immediate need for our systems, or have any questions for us, please Call us Toll Free at 1-800-337-0537 or visit www.BigBagsUSA.com.
If you have an immediate need for our systems, or have any questions for us, please Call us Toll Free at 1-800-337-0537 or visit www.BigBagsUSA.com.
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