All sorts of natural disasters wreak havoc when they occur. Many people, for instance, live in fear of floods. Whatever the flood risk level of your area, it is wise to know a thing or two about flood insurance. Below are some reasons why it is advisable to buy flood insurance.
It might come as a surprise to you that your homeowners’ insurance doesn’t cover flood damage. Many people are not aware that their homeowners’ insurance policy does not cover any damage caused by floods. This insurance only covers water falling from the sky and any damage it causes before hitting the ground. Once it touches the ground, any damage caused by the water can only be covered by flood insurance. If your roof or ceiling is damaged by heavy rains, then your homeowners’ insurance covers it; if water overflows from a nearby dam and damages your property, it is up to you. This is why it is necessary to get a separate flood insurance for your home.
Basically, everyone lives in a flood zone; the only difference is how much flood risk there is. There are high, moderate and low-risk areas. Surprisingly, twenty percent of flood claims come from areas termed as moderate or low risk. This is why being prepared for the possibility of a flood is advisable. This categorization is normally done so as to determine policy rates. Therefore, do not use the fact that you live in a low or moderate risk area as a reason to avoid buying flood insurance.
You are entitled to government aid in the event of a flood, right? This is, however, not a good idea. Government aid is only given to areas that qualify to be federal disasters. Moreover, this aid normally comes in the form of loans which have to be repaid. Furthermore, not all flooding events warrant government assistance. Rather than incur huge losses in the event of a flood, buy flood insurance.
Getting flood insurance means you have comprehensive coverage. Like all other insurance policies, you get to pick the one that suits you best. A government-run insurance program that will most probably leave out some key areas cannot compare to an insurance policy that is tailored specifically to meet your needs.
Floods, like all the other natural disasters, are normally unpredictable and can cause heavy damage. Even with prior warning, there is not much one can do to prevent the inevitable losses. (Get flood insurance and rest assured today that any damage in the event of a flood will be taken care of.| Choose to buy flood insurance and rest assured that you are covered in the event of a flood.| With flood insurance, you are assured that any damage caused by the flood is covere