The importance of flood insurance

The importance of flood insurance

As Mother Nature has proven time and time again with storms such as Sandy, Katrina, and Joaquin, flooding can happen quite easily regardless of how much time we have to prepare.  Taking steps to secure your financial future in the wake of a storm starts with setting up a flood insurance policy for your home.

Flood insurance is a policy that needs to be purchased separately from standard homeowner’s insurance.

It offers the same type of protection, but solely based on claims caused by flooding.  Similar to your homeowner’s insurance policy, flood insurance is split into two different parts.  One part protects your home itself while the other part protects your belongings inside your home.  The difference is that you need to purchase the two parts of a flood policy separately if you want both types of coverage.

It is also important to remember that flooding does not always happen due to terrible storms and flooding can happen in areas that are not near large bodies of water.  Any type of water seepage from the ground up is considered flooding and will not be covered under most homeowner’s insurance policies.

For example, you may notice after a snowy winter that your basement has some water in it due to the spring thaw.

Unfortunately, your homeowner’s insurance will not cover any damage done to your basement as the water damage was caused by flooding.  You would need to have a flood insurance policy in place to cover that type of damage.  Paying out of your own pocket could result in a financial blow that you may not have seen coming.

The good news is that securing a flood insurance policy is easy.  You can contact us for a quote on a flood insurance policy for both your home and your business and decide if you think flood insurance is right for you.

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