Natural disasters, like hurricanes and tsunamis, can cause major damage and destruction from flooding. While many people think they are prepared in case of inclement weather, most homeowners insurance plans do not cover the effects of flooding. Flood insurance is a type of additional property insurance that you can buy to help cover the damage done to your home by different types of excessive water damage.
Problems You May Face
Floods are more common in certain areas of New Jersey than others. Residents along the shore or close to rivers may be susceptible to floods from rainy weather conditions. Flood damage can be disastrous and incredibly costly. Americans spend billions of dollars each year fixing damage caused by floods, so it is important to consider spending more money up-front for protection to mitigate costs after the fact. Homeowners who live in high-risk zones are actually required to purchase flood insurance, so make sure your policy is in accordance with your location.
Flood Zones Are Always Changing
Even though flood zones are determined by past conditions, this does not always mean they will predict the future. It is impossible to draw the line on where the water will stop, so don’t expect to be safe just because your location isn’t technically in a flood zone. According to FEMA, at least 20% of all flood insurance claims are from residents who live outside of their area’s noted flood zones. Due to the changing landscape of our climate and flood zones, it is important to insure your home accordingly.
Most Homeowners Policies Do Not Cover Flood
One of the biggest misconceptions we encounter with Homeowners insurance, especially with first time home buyers, is that a Homeowners policy will provide coverage for anything that might happen. Unfortunately, the vast majority of these policies will not provide any coverage for flooding, which is one of the most dangerous and costly perils. If your home is located outside of a flood zone, but you have water nearby or neighbors who have had prior flooding incidents, you may want to consider buying a flood insurance policy. Flood policies for properties outside of an actual flood zone are relatively inexpensive.
Buying Flood Insurance
Don’t wait until you hear about a hurricane in the forecast to look into protection options. There is a minimum of a 30-day waiting period before you may receive coverage, specifically put in place to prevent last-minute insurance claims and queries. If you’re considering investing in flood insurance, it is important to speak with your insurance company to figure out the type of coverage to buy, how much it will cost and exactly how long your waiting period will be. Contact Danskin Insurance Agency to discuss the best options for you.