5 Things You Need to Know Before Getting Flood Insurance
It has been almost over a decade since Hurricane Sandy, a.k.a. Superstorm Sandy hit our area at around 8pm local time on October 29, 2012. It remains one of the most destructive, deadly, and costly natural catastrophes in U.S. history. Believe it or not flooding is one of the most common natural disasters in the United States, and it can cause extensive damage to homes and businesses. Especially in coastal areas. If you live in a flood-prone area, it is important to have flood insurance.
Here Are 5 Things You Need To Know Before getting Flood Insurance:
- FI is not typically included in homeowners or renters insurance policies. You will need to purchase it separately.
- The cost of flood insurance varies depending on a number of factors, including the location of your property, the type of property, and the amount of coverage you need. However, it is typically much less expensive than the cost of repairing or rebuilding your home after a flood.
- You can purchase flood insurance through the National Flood Insurance Program (NFIP). The NFIP is a government-backed program that offers flood insurance to homeowners and businesses in participating communities.
- FI typically covers the cost of repairing or rebuilding your home or business after a flood. It also covers the cost of replacing personal belongings that are damaged by flooding.
- Not all types of damage are covered by flood insurance. For example, it is not covered by damage caused by mudslides, earthquakes, or other natural disasters.
Key Points Before Delving In
- Start by checking if your area is in a flood zone. You can do this by visiting the FEMA website and using their flood maps.
- Get quotes from multiple insurers. The cost of flood insurance can vary depending on the insurer, so it’s important to shop around.
- Make sure you understand the terms of your policy. Read the policy carefully and ask questions if you don’t understand something.
- Be aware of the waiting period. There is typically a 30-day waiting period before your flood insurance coverage takes effect.
- File a claim promptly if your home is flooded. The sooner you file a claim, the sooner you can start the recovery process.