Natural calamities are unpredictable. So keep your home protected against all such calamities with proper insurance. And as you know, losses caused by catastrophic natural perils aren’t covered under your home insurance in Miami Gardens; you need to consider special insurance.
Here we’ll discuss about flood insurance. Winter storms hurricanes or melting snow – any of these can cause flooding. Irrespective of the cause, as the water rises, you may find yourself literally and of course financially under water. So better be safe than sorry. Get your flood insurance in Plantation FL today and protect your home against this disastrous natural phenomenon.
Here are some important points that you should know about flood insurance.
1. Flood can damage property worth thousands of dollars. All American states have experienced a flood or a flash flood at least once in the last 5 years.
2. Federal Insurance Administration provides flood insurance owing to the higher claim costs and lower number of properties at stake, through NFIP (National Flood Insurance Program).
3. Flood insurance covers damages caused by overflow of tidal or inland water. The source of water may include accumulation of surface water as a result of heavy rainfall or liquid mud that flows intensely just like a river.
4. Flood insurance is a must for people having their own or rented home on lowland prone to flooding or on a flood plain. Areas nearby a river, lake or beach are susceptible to flood. Lenders of such localities usually offer this insurance as a condition of existing mortgage contract. They prefer homes built on a flood plain having a flood insurance coverage of an amount equals to the mortgage amount.
5. You can’t purchase a flood insurance coverage unless your community partakes in NFIP. To get included to this program, a community has to be agreed to take necessary actions and measures to control and reduce potential risks of local flooding. You can check the Status Book of your community to see whether or not it is a partner of NFIP.
6. Flood insurance doesn’t cover properties built underground or over water, roads, motor vehicles and undeveloped land.
7. Premiums charged for flood insurance depends on the type of your properties including its location and contents. The greater the risk, the higher the premium.
8. Flood insurance doesn’t provide coverage for damages due to mildew, mold or moisture as these are something that you could avoid. Important paper-documents, money and precious metals as well as basement items like bookcase, carpeting tile, clothing, kitchen appliances, furniture, window treatments etc. are also not covered by typical flood insurance. You won’t get coverage for belongings outside your property, such as decks, fences, seawalls, swimming pools, septic systems and wells.
9. Flood insurance claims calculation is done based on ACV (Actual Cash Value) and RCV (Replacement Cost Value), i.e., how much it would cost to replace a property.
Remember, flood insurance is a must if you’re staying in a flood prone state like Florida.