As Hurricane Ida recently reminded us, while your property may not be in a flood zone, you still could be at risk. Even normally dry areas of the country are experiencing floods and flash floods caused by rain like never before. Flood damage is not covered by standard homeowners policies, so you need to buy a separate flood policy to ensure coverage in the event of a flood. Policies are sold through the National Flood Insurance Program (NIFP), as well as private insurers. Flood insurance offers separate deductibles for contents and building. The higher the deductible, the lower the premium. Note that there is a 30 day waiting period for the policy to be in effect once payment is made. Here are some of the benefits of securing a flood insurance policy.
Flood insurers reimburse policyholders for structural damage, including:
• The insured building and its foundation.
• The electrical and plumbing systems.
• Central air-conditioning systems, furnaces and water heaters.
• Refrigerators, cooking stoves and built-in appliances like dishwashers and trash compactors.
• Permanently-installed carpeting and flooring.
• Permanently-installed paneling, wallboard and built-in bookcases and cabinets.
• Window blinds and shutters.
• Detached garages (up to 10% of structural coverage). Other outbuildings require separate policies.
• Debris removal.
In addition, flood insurance covers damage and loss of personal property as follows:
• Clothing, furniture and electronics.
• Curtains and window treatments.
• Portable and window air-conditioners.
• Portable microwave ovens, dishwashers and other small appliances.
• Clothes washers and dryers.
• Food freezers and the food in them.
• Valuables like artwork, jewelry and furs (up to $2,500).
Feel free to call our personal lines department at 610-777-4123 to see how much a flood policy will cost.
In the meantime, if you are curious to see what your flood risk looks like, visit www.floodfactor.com