Reasons why flood insurance is necessary and whom to get in contact with. Information about policy guidelines
.Not everyone needs flood insurance since half of the population does not live in a flood zone, or do they? Flood insurance isn’t just for a natural disaster. Floods come in all shapes and sizes. For instance, flood insurance is a good idea when the pipes break and your home becomes flooded with water. It’s a good idea when your roof leaks and you find yourself splashing around your living room floor. And, it’s a good idea when your children forget to turn off the water and the tub overflows.
Think about it this way. You have spent your last dime on a newly constructed home, the last thing you expect is for the pipes to burst. Then one day, you come home from work to find your home completely flooded. The walls are damaged, the new carpet is ruined, and your furniture feels squishy. You call your insurance company and they tell you that you are not covered for that type of damage. What do you do?
How about purchasing a twenty year home that passed a home inspection, five years into owning the home, the roof begins to leak. You immediately grab pots and pans to catch the water until you can call a repair man in the morning. You no sooner lay down that the entire roof caves in and water is everywhere. Everything you own is ruined. What are you going to do without flood insurance? How do you plan to replace everything? How do you plan on repairing the damage?
Your fifteen year old turns on the bath water, but leaves the room to answer the phone. He’s so excited about the date he just got that he forgets to turn off the water. After an hour on the phone, he hangs up and goes into his bedroom to change for the date. You hear something that sounds like water coming down the stairs, so you investigate. "Oh, no!," you scream. Your son has just flooded two floors. The repairman comes and there is excessive damage to the walls and the rug. How do you plan to pay for the repairs? Wouldn’t flood insurance be nice right about now?
What would happen if your home became flooded today? Will your home owner’s policy cover the damage to your personal belongings or any structural damage to the building? Often times, people purchase homeowner’s insurance without every understanding what they are covered for. Flood insurance is not included in the cost of your homeowner’s insurance. It is a separate high cost policy, that usually equals the annual cost of your homeowner’s policy.
Central Property, Inc. states that one out of three homes destroyed by a flood are outside the Special Flood hazard Area.
Flood insurance usually requires a thirty day waiting period before it comes into effect; however, if the homeowner just purchased the home, the waiting period will be waived. It can also be waived when the mortgage is renewed with another company or if the flood insurance rate map is updated and your home falls into the zoning of the new map.
To find out more about flood insurance, contact the Federal Emergency Management Agency’s website. You may also contact the National Flood Insurance Program.
http://scsc.essortment.com/floodinsurance_rczr.htm
