Importance of Purchasing Flood Insurance for Your Property

This winter season has been quite troublesome for many property owners, due to many issues that come along with freezing temperatures. Sump pump failures, as well as burst pipes, have been just a few problematic instances that have been causing flooding in homes and businesses. Unfortunately, these issues are only going to worsen when the snow melts and cause excessive runoff. When your property undergoes flood damage, it is important to have coverage from your insurance company. If you aren’t covered, than you are running the risk of a very high price for restoration, and possibly not having the sufficient funds to have this water removed from your home or business. With more winter weather and cold temperatures on the horizon, it is in your best interest to get in touch with your insurance company ASAP to figure out a flood insurance coverage plan.

Unfortunately, just a couple inches of water in your home can cause thousands of dollars in repairs and other property fees. If you have flood insurance on your property, you can rest easy knowing that you won’t have to pay and arm and a leg to get the water removed from your property. Homeowners, business owners, and condo owners/renters can all receive flood insurance on their property. The price each month is dependent on the flood risk of your property, how much coverage you’d like to receive, and also what the plan covers as well. Every policy includes coverage for the property, as well as the contents inside of the property. It might also be a good idea to go over your personal content’s coverage with your agent to ensure that you have coverage for the items that cannot be salvaged in the process.

In most cases, it usually takes about 30 days for your flood insurance to go into effect, so it would be in your best interest, whether you are a home, business, or condo renter or owner to get on it immediately. When spring rolls around, thaw will occur. That means more runoff on lakes and streams, and it could also lead to major flooding in many areas. If you know that your property is more prone to flooding issues, it is very important that you sign yourself up for some kind of flood insurance. It will help you greatly in the long run if your home or business is near any streams, lakes, or rivers. Either way, during the winter and spring season it is highly important to be insured for flood coverage.

For many residents living in high-risk areas, they have been receiving non-true rates for flood coverage. This has been changing though, through the Biggert-Waters Reform Act of 2012. This act states that rates will go up for residents who have older properties, and that are in high flood risk areas. About 80 percent of residents have not been affected by this act, because it is only residents with much older properties. If you live in a high risk area and do not have flood insurance, it is important that you call quickly, due to the 30 day wait period.

If you need any more information on flood insurance or have any questions, visit the official site of the NFIP

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