Flood Insurance Basics
- Date: 2008-11-22 - Word Count: 578
Share This!
Many people are unaware or apathetic to the risk of a flood in their area. Flood damaged homes and businesses can cost hundreds of thousands of dollars if proper protection is not taken. Most people living in highly risk areas for flooding will inevitably purchase flood insurance. But what kind?
It is often hard to know what kind of a policy you should invest in. Many home and business owners are unaware of what the typical cost for such coverage is and what the benefits of the coverage can be. To find the right insurance for you, it is important to understanding a little bit about what flood coverage is, what kinds of policies exist, and, most importantly, what coverage fits for your particular flood risk.
What is Flood Insurance?
There are three basic types of flood insurance:
Dwelling
"Dwelling" insurance usually covers residential buildings that contain no more than four families, residential condominium units, manufactured homes, and the storage contents of the insured building's tenants.
General Property
"General property" policies tend to cover larger residential buildings like those that house more than four family units as well as certain commercial buildings, such as churches, schools, and small businesses.
Preferred Risk
"Preferred risk" policies are generally offered at a lower cost to residential and commercial building owners with a low to moderate flood risk levels.
Why Get Flood Insurance?
Many people don't feel the need to protect themselves with flood insurance because of their location or the construction of their home. What these people don't understand is that even a few inches of standing or moving water can cost thousands of dollars in infrastructure and restoration work. Flood insurance not only helps cover the financial burden of flood damage but many providers can help you find other disaster relief services, such as document restoration specialists.
Questions For Your Agent
Like any major purchase, it is important to understand what you will get and what the complete costs are up front. Take the time to ask your agent questions so that it is clear how your coverage will work.
Here are questions you should make sure you know the answers to when discussing policies with your insurance provider:
• Do I live in a flood zone? If so, how will my location affect the cost and benefits of my policy?
• What will be covered by my new flood policy and what won't be covered?
• How much is the cost of the policy fee and premium, and are there hidden expenses or fees I need to know about?
• Do I need coverage for my building only, its contents only, or both?
Filing a Flood Damage Claim
Contact your insurance agent or company as soon as you realize that you have flood damage. Make sure you have the name of your insurance company and your policy number in an easily-accessible place. This will help speed up the filing process. You insurance provider will then schedule a visit with a claims adjuster and advise you on how they will proceed with your claim.
After you've contacted your agent you will need to make a list of all damaged or lost valuables. Separate your damaged goods from the undamaged ones and, with the help of your adjuster, start itemizing and calculating the value of the destroyed property.
Purchasing the right flood insurance doesn't need to be an overwhelming experience. With a little research and an honest agency you can find an affordable plan that will cover your valuables should the unthinkable occur.
~Ben Anton, 2008
It is often hard to know what kind of a policy you should invest in. Many home and business owners are unaware of what the typical cost for such coverage is and what the benefits of the coverage can be. To find the right insurance for you, it is important to understanding a little bit about what flood coverage is, what kinds of policies exist, and, most importantly, what coverage fits for your particular flood risk.
What is Flood Insurance?
There are three basic types of flood insurance:
Dwelling
"Dwelling" insurance usually covers residential buildings that contain no more than four families, residential condominium units, manufactured homes, and the storage contents of the insured building's tenants.
General Property
"General property" policies tend to cover larger residential buildings like those that house more than four family units as well as certain commercial buildings, such as churches, schools, and small businesses.
Preferred Risk
"Preferred risk" policies are generally offered at a lower cost to residential and commercial building owners with a low to moderate flood risk levels.
Why Get Flood Insurance?
Many people don't feel the need to protect themselves with flood insurance because of their location or the construction of their home. What these people don't understand is that even a few inches of standing or moving water can cost thousands of dollars in infrastructure and restoration work. Flood insurance not only helps cover the financial burden of flood damage but many providers can help you find other disaster relief services, such as document restoration specialists.
Questions For Your Agent
Like any major purchase, it is important to understand what you will get and what the complete costs are up front. Take the time to ask your agent questions so that it is clear how your coverage will work.
Here are questions you should make sure you know the answers to when discussing policies with your insurance provider:
• Do I live in a flood zone? If so, how will my location affect the cost and benefits of my policy?
• What will be covered by my new flood policy and what won't be covered?
• How much is the cost of the policy fee and premium, and are there hidden expenses or fees I need to know about?
• Do I need coverage for my building only, its contents only, or both?
Filing a Flood Damage Claim
Contact your insurance agent or company as soon as you realize that you have flood damage. Make sure you have the name of your insurance company and your policy number in an easily-accessible place. This will help speed up the filing process. You insurance provider will then schedule a visit with a claims adjuster and advise you on how they will proceed with your claim.
After you've contacted your agent you will need to make a list of all damaged or lost valuables. Separate your damaged goods from the undamaged ones and, with the help of your adjuster, start itemizing and calculating the value of the destroyed property.
Purchasing the right flood insurance doesn't need to be an overwhelming experience. With a little research and an honest agency you can find an affordable plan that will cover your valuables should the unthinkable occur.
~Ben Anton, 2008
Related Tags: flood insurance, flood damage, disaster insurance, flood recovery
Restoring your home after a natural flood water disaster is overwhelming.Talk to a professional at Rapid Refile about recovering damaged documents, photos and materials after a flood. Your Article Search Directory : Find in Articles
Recent articles in this category:
- Smart Home Auto System
The idea of smart home has been evolved to keep everything in your home automatically controlled. Is - Bioaxxis: A Reliable Brand
Have you ever experienced locking yourself out? Then you were late from your appointment because the - Keeping Your Keys Safe Around The House
One of the most common reasons we find ourselves needing locksmiths is that our keys go missing. Thi - Fake Cctv A Cheap Solution
It can be very frustrating when you come home and find that you have been burgled. Even if nothing h - Several Reasons Why People Do Not Sign Up For Self Defense Lessons
If someone started listing some of the main reasons why he hasn't attended any self defense courses - Simple Ways To Enhance Your Home Security If You Live On Your Own
Being street smart is one requirement for individuals who live by yourself. But what does this reall - Wireless Doorbell Intercom - A Crucial Home Security Tool
Wireless doorbell intercom appliances can easily substitute the older doorbells or simply, they can - Adt Home Security Monitoring Systems Helps Provide New Yorkers With Greater Peace Of Mind 24-7
New York, NY is normally a great place to live. While virtually all consider our city and suburbs to - Covert Cctv System
When you own a business, protecting it is extremely important. You ensure that all financial aspects - 24-7 Wireless Home Security System Monitoring In Portland Is More Affordable Than Most Think
Portland, Oregon is one of the most beautiful cities in the country. While most consider Portland an
Most viewed articles in this category:
- Wireless Alarm Systems
Wireless alarms are alarms that are easy to install and no complex wiring is involved in alarms and - Keep an Eye on Radon
Radon (noun) - A naturally occurring gas that becomes dangerous during real estate transactions.Pard - Alarm Systems - An Extra Hand to Safety
Alarm systems have become standard equipment in many businesses, and they are becoming increasingly - Different Types Of Home Surveillance Camera
Home surveillance can use different types of cameras. Hidden cameras, outdoor and indoor camera, nig - Is a Personal Alarm the Only Genuine Self Help Solution?
A personal alarm is nothing more than a glorified siren. The theory behind it is relatively simple: - Burglar Alarm Installation Tips
How complex a burglar alarm installation will be, depends on the type of environment where it is goi - Home Protection Protecting your Castle
Your home is your castle. It contains your most valuable possessions, not the least of which is your - Home Invasion
Home Invasion: Dangerous Criminals Rely on Scare TacticsImagine it is the end of a long day. You a - Security Thieves Hate
Basic Security in the Home does not need to cost a fortune in fact it could save you a fortune. By t - Simple Effective Security
If you are really serious about protecting your home, property and your safety it pays to install a