Making Sense of Flood Insurance
Since late August our country has been dealing with the very real devastation of not one but two hurricanes. With Hurricane Harvey, homes in Houston, never before affected by floods, were devastated leaving people with thousands of dollars of damage and no protection from insurance. Hurricane Irma virtually destroyed the Florida Keys and caused thousands of dollars of damage to the Southern part of the state.
Unfortunately, the risk of floods is on the rise. Between the changing weather patterns and the constant community development, to say no to flood insurance reasoning that you’ve never had a flood before and leave it at that may not be the best decision.
Flood Insurance Options
Many homeowners find themselves with no coverage, either because they mistakenly think their homeowners policy offers them protection or because they feel a separate flood policy is not necessary. Flood insurance is important and worthy of consideration. Below are a few details on some flood insurance options.
Typically, your homeowner’s policy does not provide coverage for flood damage. This means in order to protect your home and personal property from the damage of water and flood, you’ll need a separate insurance solution.
The federal government offers flood insurance through the National Flood Insurance Program. It is important to note that the NIFP does not offer coverage for your furnishings, floor coverings, carpets, media systems or items in your basement. While there is a 30 day waiting period from the time the policy is submitted to the time the policy goes into effect, it is important to not put off this important conversation. If you have any concerns about flooding or water damage, please give us a call.
Private Insurance Options
There are also private options available. Denise Koslowsky, Principal of Personal Insurance for Advocate offers some valuable information about Chubb’s Personal and Excess Flood Insurance. To read more about why she feels Chubb offers a great alternative, click here.
If you have questions about flood insurance in general or how Advocate Brokerage can help enhance your current insurance policies to offer appropriate flood and water damage protection for your particular needs, give us a call. We would be happy to come up with a solution that best fits your individual situation.