Floods are one of the most common and costly natural disasters in the United States, yet many homeowners are surprised to learn that standard homeowners insurance policies typically do not cover flood damage. That's where flood insurance comes in. At Intelli Choice Insurance, we're here to help you understand the ins and outs of flood insurance and why it's essential for protecting your property.
WHAT IS FLOOD INSURANCE?
Flood insurance is a specialized insurance policy designed to cover damage caused by floods, including those resulting from heavy rain, overflowing rivers, storm surges, and melting snow. Without adequate flood insurance coverage, homeowners may be left facing substantial financial losses to repair or replace damaged property and belongings.
It's important to note that flood insurance is available to homeowners, renters, and businesses in communities that participate in the National Flood Insurance Program (NFIP), as well as through select private insurance companies. NFIP policies are backed by the federal government and offer coverage for both building property (the structure of your home) and personal property (your belongings), up to certain limits.
WHAT DOES FLOOD INSURANCE COVER?
When purchasing flood insurance, it's essential to understand what is and isn't covered by your policy. Typically, flood insurance covers damage to your home's foundation, walls, floors, electrical and plumbing systems, HVAC equipment, appliances, furniture, and personal belongings. However, coverage for basements, crawl spaces, and certain types of property located outside your home may be limited.
Also, be aware of the waiting period for flood insurance coverage to take effect. In most cases, there is a 30-day waiting period from the date of purchase before coverage begins, so it's wise to plan ahead and purchase flood insurance before flood season or when purchasing a new home.
At Intelli Choice Insurance, we understand the importance of protecting your property against the devastating effects of floods. Contact us today to learn more about flood insurance options and how we can help you find the right coverage to safeguard your home and belongings. With the right flood insurance policy in place, you can have peace of mind knowing you're prepared for whatever Mother Nature may bring.