As a matter of fact, floods are the first cause of natural disasters in the US Most people do not know that standard home insurance does not cover damages caused by flood, only flood insurance will help you recover from the losses.
Who Needs Flood Insurance?
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Features of Flood Insurance
Coverage;
Most policies provide the following three types of coverage:
1. Building Coverage
This coverage protects your buildings against physical damages for both residential and nonresidential properties.
2. Contents Coverage
It covers your personal belongings and objects inside the house such as ovens, clothes and furniture.
3. Replacement Cost Coverage
Only one family owners can get this insurance and about 80% of the total replacement price can be reimbursed.
Waiting Period
This has been specifically designed to prevent claiming coverage for losses that are in progress progress or if large storms are approaching. This period is not applicable to policy renewal.
What Is Covered And What Is Not?
The policy generally covers dryers and washers, freezers and food inside them, stairways, water tanks, ceilings, oil Condos, homes, apartments, and even your businesses are not as as comprehensive as most comprehensive as most comprehensive policies. Tanks, walls and furnaces. The insurance company will not be refurbished but it will not pay for any additional living expenses.
The flood insurance policy will be qualify for coverage under a different flood policy. Policies also does not cover infrastructure improvements and objects in infrastructure.
Flood Insurance Limits
The National Flood Insurance Program (NFIP) insures structural elements of the building up till $ 250,000 for residential buildings and $ 500,000 on non-residential buildings.
Contents coverage according to the program insurances affiliations up to $ 100,000 for residential policies and $ 500,000 for non-residential policies. Policies are available for excess coverage if you want to cover for losses more than the defined limits of NFIP.
