The risk of flood damage is greatly increased in areas where the ground is dry, hard and nonabsorbent. The L.A. Times states that only 9% of people that live on the West coast have flood insurance. Most people don’t realize that their home insurance policies don’t cover flood damage to their homes. Without flood insurance many are left with large repair bills when water damage does finally occur in their home.
Buying Flood Insurance
Flood insurance can be purchased from government-run national insurance or private insurance. The government-run insurance is run by the National Emergency Management Agency (FEMA), through their National Flood Insurance Program (NFIP). You can purchase the insurance directly from NFIP or other private insurers who are affiliated. FEMA is in charge of setting the rules of the policies and underwriting losses. If you opt for private flood insurance, you will find that it is much more expensive and often unaffordable for working and middle class families. Talk to your community council in order to figure out which flood insurance programs you have access to.
What Does NFIP Cover?
The National Flood Insurance Program, through the government, allows for you to receive building coverage as well as possession coverage. What this means is that you will be provided up to $125,000 for any damage done to the insured building and up to $100,000 for damage to possessions. Any other damage needs to be covered out of the owner’s own pocket. You also won’t be covered for damage done to the property the building sits on or for buildings that are not attached to the covered building. Check your individual insurance policy to see what is specifically covered and what isn’t.
What Will Private Flood Insurance Cover?
The building you live in is covered under private flood insurance as well as possessions that are inside of it. Private insurance goes an extra step and also provides the insured party with the cost of food and a hotel room while the home is being repaired. Most people that own private flood insurance own it in addition to national flood insurance. This ensures that any gaps in their policies will be covered.
Purchase Insurance Before a Flood
Purchasing insurance may be obvious to some, but considering that only 9% of people living on the West coast have flood insurance it is worth saying this again. Buy your flood insurance before the rainy season starts. If you are concerned about your possessions and put off buying flood insurance, you will be sad when there’s nothing your insurance company can do for you after your home is flooded. Research your area and talk to people in your community about how they protect themselves from flood damage.
Call Water Damage Zone today (877) 520.1923 your future bills may be a lot smaller, if you follow these simple tips. You can also visit our sister company for further information on restoration services at Best American Builders.
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