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Flood Insurance – Basic Information

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flood insuranceAre you covered if your house is damaged in a flood? The answer to this question depends on the level of water damage, the value of your house and whether you have flood insurance policy. Since regular homeowner insurance don’t cover flood water damage and NFIP top out at $350,000 for your house and possessions, you should consider supplemental coverage in case your home and goods total more than that. Here are some things you should know about flood insurance!

In case your home is in a flood plain, chances are your mortgage company will require you to purchase flood insurance. Nevertheless, even people who don’t live within this zone can buy it. In addition, it’s cheaper if your house is not inside a flood plain. In case you decide to buy flood insurance, make sure you do it well in advance, because there’s a 30-day waiting period between you purchase it and when it kicks in.

Flood insurance doesn’t cover everything. NFIP tops out at $250,000 for the physical structure of your home, while the cap for your personal possessions is $100,000. These limits are something you should keep in mind before buying a high-value house in a flooding-susceptible area. In addition, federal flood insurance doesn’t cover living expenses if you need to relocate while repairing your house.

Many people are under the impression that the basic homeowner policy covers flood damage. Unfortunately, this is not true. The standard homeowners policies don’t cover neither floods nor earthquakes, thus, for these disasters, you have to pick up separate, specific insurance policies.

If you’ve decided to purchase a flood insurance policy, make sure you take a look at Flood Insurance Reviews website. Here, you’ll get all the necessary information about various flood insurance coverage types, quotes and other important tips and tricks regarding this disaster and protecting your home from it.

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