Flood insurance has become, for many, the coverage they love to hate and can’t live without. If you live in a flood zone and have a mortgage or home equity line of credit, your bank will require you to have the coverage. If you don’t have a mortgage, you won’t be required to carry the coverage, but you should.
What is considered a Flood by Insurance Standards?
“A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters; and unusual and rapid accumulation.”
Minimal amounts of water, just an inch in your home or building, can cause significant structural damage. Flooring, molding, wallboard, electrical, plumbing, and even heating and air conditioning systems can all be damaged by even a minor flood event. Cleanup and mitigation costs are a major percentage of every loss. Flood insurance means you’ll be reimbursed for all covered expenses. All of which would be excluded coverage from your standard homeowners policy.
Home flood insurance is available for homeowners, business, condo owners and renters.
• NFIP policies cover the home up to $250,000 and contents up to $100,000
• Private market flood insurance policies cover the home up to $500,000 and contents up to $250,000 (same coverage terms as NFIP)
• Excess flood policies available for higher limits up to any amount
• Protection for:
o Structural damage
o Home equipment such as furnace, water heater, and central air-conditioning
o Electrical and plumbing systems
o Cleanup and mitigation costs
o all covered losses
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Pricing averages only $300 per year for low-risk areas. For high-risk areas, call our office at 860-757-3664 to speak directly with an agent. We’re looking forward to discussing your coverage needs!