Natural disasters can strike unexpectedly, but there are plenty of ways to prepare and protect your home. Flooding is an extremely dangerous type of natural disaster affecting much of the continent, and in most flood-prone regions you need special insurance coverage for it. Here is a quick guide to flood insurance with all the basics:
What is flood insurance?
Flood insurance offers financial protection to a property in the event of water damage caused by severe flooding. This flooding can come from blocked storm drains, extended rainstorms and other severe weather conditions.
Your insurance provider may recommend purchasing flood insurance as an add-on to your homeowners insurance package. Flooding is excluded from standard homeowners insurance covered “perils,” which means you need extra protection if you live in an area with frequent flooding.
What’s covered under flood insurance?
Flood insurance usually covers two primary components: your home and your personal belongings.
For example, if the basement floods, there may be both structural damage and damage to furniture inside the basement. With comprehensive flood insurance, the structural damage and damage to the furniture will both be covered.
Purchasing flood insurance
Most insurance providers offer flood insurance policies, so there are many options. It’s also good to note, after purchasing a policy, the policy takes 30 days to take effect. This means it’s better to purchase the insurance ahead of time instead of waiting until the weather gets bad.
Flood insurance isn’t only for individuals living in areas prone to flooding. Even areas inland can experience bad flooding during rainy seasons. A licensed insurance professional can help you explore your options and determine your risk.