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When you live in low lying areas in America, that means you are living in areas that are prone to storms and hurricanes. You have to think about your flood risk. You must do so because water damage from flooding is the most common type of insurance claim in this country. You probably know by now that your home insurance coverage does not cover flooding situations. So flood insurance is a distinctly different policy from renter's or homeowners' insurance. That factor means there are different exclusions, costs, and rules you have to contend with. So what's the difference between both of these two types of insurances?
If your property is damaged by hurricane-force wind that sends a tree crashing into your roof, your homeowner's insurance is inclined to pay for that damage. This means that water coming from the ground as opposed to from the sky is considered to be flooding. That clause technically explains what you get. So waves and storm surges that create flooding in coastal and low-lying areas are covered by your home insurance.
Why Doesn't NFIP Give You Blanket Federal Flooding Coverage?
You might argue about why the NFIP flood zones that are considered to be high-risk flood areas do not include your low-lying areas that are prone to flooding. You are not living in a designated NFIP flood zone, which would unquestionably make you eligible for full flooding coverage. Therefore, federal flood insurance is not wholly guaranteed for you. You still have an option to participate in NFIP though. If you are living in lower or moderate-risk communities and your specific community elects to participate in the NFIP designated flooding insurance, you can avail yourselves of NFIP flooding coverage.
When you decide to buy this flood insurance, there's a 30-day waiting period before it becomes effective. That's especially designed to eliminate your filing an immediate claim in the event a catastrophic storm occurs within a week or two weeks after you've bought the policy when storm predictions are known. Just understand that you'll pay a hefty premium for this inclusion in NFIP's program coverage. Maximum coverage under this plan covers the structure of your home for approximately $250,000. So if the structure of your home in your estimation costs more than that figure, then you'll have to pay the extra difference in your premium price.
Be prepared to pay another large premium payment to cover the contents of your home. Appliances such as a refrigerator, dishwasher and stove will be covered under the main home category clause. Your washer and dryer are already covered under the contents clause in the policy you have already agreed to. Oh by the way, stash your personal items such as jewelry, currency, bonds and stock certificates in a bank's safety deposit box. Flood insurance will not cover these items.
For more information, visit sites like http://www.normanheilinsurance.com.Share
13 June 2017