Are you residing in an area that is prone to flood? If yes, then what measures have you taken to safeguard your property?
Purchasing of flood insurance is the most optimal way to safeguard the property. If you are thinking to buy one, then here are few facts that you must read.
What is flood insurance?
It is way to protect home or business from water or flood. Approximately $250,000 of the contents is insured in the coverage. The contents coverage is both for the homeowners and rentals.
How much coverage is required?
Depending on the area of location where the person is residing i.e. coastal, low-lying, or other flood-prone areas, the coverage plan is made accordingly.
According to NFIP (National Flood Insurance Program), areas that come in zone B, C and X they are at a moderate to low risk, areas that fall in ‘A’ category are at a high risk and areas that fall in V category are at a very high risk as compared to ‘A’ category areas.
What other facts are involved in flood insurance coverage?
- Before flood insurance goes into effect, 30 day of waiting period is required.
- It is not covered in the home insurance policy.
- Coverage of contents is done separately of both homeowners and rentals items.
- Up to $1 million is covered in the insurance.