Hurricane Season is Approaching. Do You Have Enough Insurance in Case of a Flood?

Flood Insurance is often overlooked, and some may not know that homeowners and renters insurance will not cover flood damages in the event of a disaster.

• If you are moving to a new home, in a new city or state, you’ll need to be sure you have the right amount of flood insurance. Check with your realtor or insurance agent for the flood risk in the area where you’ll be moving to ensure you have adequate coverage for your new home. Remember that floods are not covered on your standard homeowners or renters policy.

• Excess flood insurance policies can add an extra layer of coverage to protect your home.  A growing number of insurance companies have started offering excess flood policies. This excess flood policy is intended to provide protection from water damage that occurs during a flood.

• Flood insurance is affordable and easy to add to your existing insurance portfolio. The annual premium for a residential policy is dependent on your flood risk but can start as low as $129 a year.

• Flood Insurance for your house and your belongings inside your house are sold separately. Your home will be covered for replacement cost and your personal belongings will be covered for actual cash value. Be sure you have an accurate home inventory to go over with your agent when you’re discussing your new flood policy. Keep a copy of your home inventory off site or using an online home inventory application in case disaster strikes, your home inventory will be safe.

If you have questions about flood coverage give us a call at (800) 807-6871 or complete our request for a flood form. We’ll be happy to help you protect your home and family. You can also check www.floodsmart.gov to check out the risk in your area. Keep in mind that flood insurance policies won’t take effect for 30 days from the purchase date, so don’t wait to find out more.