Insurance is one of the most important financial decisions for homeowners to consider. With the right insurance solution, you can get protection from any damage or theft occurring on your property. At AFS&V Insurance, we dedicate ourselves to providing our clients with excellent insurance services and advice. So, we've put together this guide for flood insurance that covers everything you need to know before you purchase a flood insurance plan.
"Property insurance" entails policies designed to protect property owners from losses when their assets are damaged. For example, flood insurance is one of these property insurance types, and it applies to losses made from water damage after a flood.
If you live in a flood-prone area, flood insurance is one of the safest choices you can make for your home. In the basic flood insurance policy, the dwelling as well as other specified properties have coverage for losses following damage by floodwaters.
It's important to know what kind of event is considered a flood. Many customers make the mistake of thinking any water damage counts. However, depending on where the water came from, your damages may not be eligible for flood insurance coverage.
In the context of flood insurance, floodwaters must come from levee dam failure, coastal storm surges, prolonged rain, melted snow, or blocked storm drainage. This means that water damage from a burst pipe won't be considered a product of floodwaters.
In the US, flood insurance is monitored and managed by the National Flood Insurance Program NFIP. This organization defines a flood as a partial or complete inundation of normally dry land. The water should cover either multiple properties or two or more acres of land. The water should also be from an overflow of inland waters, runoff from surface water, or mudflows. This precise definition is important to remember if you find yourself claiming damages from a flooding situation.
Flood insurance is vital because many basic homeowner policies do not cover flooding. The basic homeowner's insurance policy may protect you from flooding due to a burst pipe, compromised plumbing, or other situations that do not classify as natural disasters. Thus, if a bathroom upstairs floods and causes a leak on your first floor, your homeowner's insurance can cover that. However, if a passing storm floods your entire street, homeowner's insurance may not give you coverage, depending on your policy.
Flood insurance covers two kinds of property: the contents of your home and the structure. Each of these property types is separate, with specific limits and deductibles. You should note that flood insurance will not cover the land your house sits on.
Structural coverage for flood insurance includes:
Content coverage for flood insurance includes:
Flooding can happen anywhere even if you live above a water table.
Floods are often considered acts of God or natural disasters by many firms. These kinds of events are called vis major events. A basic homeowner's insurance does not cover many vis major events. These events are considered superior forces that the average person can't prepare for. Thus, many firms will not work flood insurance into a basic home insurance plan. Therefore, private flood insurance is an important supplemental policy to protect your savings from unplanned expenses resulting from floods damage.
Getting an affordable but comprehensive policy can be confusing for the average customer. But firms like AFS&V insurance make sure to help you research and find the best fit for your home. With us, an affordable flood insurance quote is only a click away.
According to the NFIP, the average flood insurance cost in Connecticut is around $1,395, covering more than $250000 in water damage. However, this annual premium can decrease or increase depending on the property and the location.
Find out more about flood insurance for your property by contacting us or calling on (860) 668-3960.