Flood insurance provides coverage for your property against flood damages. You must purchase it separately, as it is not included with homeowners insurance. The flood must also be because of a natural disaster or a human-caused event that affects more than one home in the area.
This coverage is recommended for homes located along oceans, lakes, and rivers. Anyplace that is high-risk for floods is a good candidate for flood insurance. Without coverage, you will have no financial assistance to repair flood damage.
The insurance company will determine if your property is in a flood zone. A flood zone means an increased chance of a flood, and will likely mean higher premiums. Even the existence of underground wells can increase the premium rates for this insurance. The most common claims are filed to fix and restore flooded basements and lower levels of flood-damaged homes.
Coverage aids the repair of flood damage. Your policy might provide funds to restore damaged infrastructure, including electrical and plumbing systems. Mold, mildew, mud, and other debris in flooded homes can also be removed and paid for with funds from this coverage. Your personal possessions are covered as well, as long as the damage is from the flood.
The main benefit is the financial support flood insurance provides. Floods can cause serious damage. It’s good to have help getting back on your feet.