The Importance of Flood Insurance for Home Owners
Flood insurance is not mandatory or compulsory for any homeowner. However, flood insurance is something any buyer should consider when looking for homes for sale in Wilmington. With recent hurricanes that have caused billions of dollars in damages in Texas, Louisiana and Florida – flood insurance is very important for homeowners in coastal towns and cities.
In addition, flood insurance is subsidized by the U.S. Federal Government, and flood zones determine your overall rates (insurance premiums and deductibles). For example: if you are in a C or X flood zone, insurance is very inexpensive. However, other zones that are in Levee Improvement Districts, Municipal Utility Districts, and in close proximity to lakes (man-made or natural) or bayous – may be a bit expensive.
Still, investing in flood insurance is a great way to protect your valuables should disaster strike. From hurricanes and storms to torrential downpours, flooding can result at any time. It is also important to remember that regular homeowner’s insurance does not cover flooding!
Flood Insurance – What to Know
Flooding can happen at any time and you must be able to protect your homes and/or businesses. Even with local districts monitoring lake and bayou levels – as well as safety and rescue plans in place – no one can compete with the wrath of Mother Nature. We have seen the recent destruction and loss of property and life that Hurricanes Harvey and Irma brought. With this in mind, flooding insurance ensures timely restitution of damages to properties. This includes coverage for draining out flood water from your home by restoration experts, along with the following:
• Financial compensation for damages to Sheetrock, hardwood floors, furniture, lighting fixtures, and all interior/exterior parts of your property.
• Insurance coverage for complete restoration services – draining floodwater out from your property, while cleaning floors and replacing any severely damaged walls, fixtures, or tiles.
• Compensation for any water main or pipe bursts due to frigid or below zero temperatures during the winter months.
• Coverage for appliance damages, electrical units, gas units, furniture, and flooding in basements or crawlspaces.
• Damages for all rooms – living rooms, formal living rooms, kitchens, dining rooms, dens, bedrooms, and more.
• Timely restitution and checks for all restoration – contractors, cleanup crews, furniture replacements, design teams, Sheetrock installations, light installations, and especially MOLD inspections and treatments.
Finding the Right Flood Insurance Plan
With years of extensive industry experience, flood insurance agents are just a phone call or e-mail away. These professionals can help home and even business owners secure the best flood insurance plans for their properties. Again, your rates are based in the flood zone you reside in. If you are not aware of which zone you are in – you can check Google for a detailed listing.
You can also speak to your MUD or LID representative for more information on the flood zone your property is in. Usually, these zones are differentiated by letters, numbers or a combination of both. They are also divided into areas that are susceptible to flooding- due to their close proximity to flood plans, non-sloped driveways, flat lakes with no bogs, or bayous and lakes that tend to crest during inclement weather conditions and heavy rains and winds.
Without adequate flood coverage, it is next to impossible to recover financial and property losses when disasters strike. This not only includes hurricanes – but also pipe bursts, wind storms, rain storms, hail storms, or even dam bursts.
Flood Insurance versus Disaster Assistance
There are so many concrete benefits of flood insurance as opposed to disaster assistance. Let us take a look at some of the benefits of flood insurance:
• With flood insurance policies and plans – your property losses are paid in FULL.
• You can always rely on your insurance policy and count on your claim being paid in the event of a flood.
• Flood insurance is backed by the U.S. Federal Government.
• Your insurance claims are paid by policyholder premiums – NOT taxpayer dollars.
With this in mind, let’s take a look at disaster assistance:
• Homeowners without flood insurance usually have to incur out of pocket expenses to pay for damages and restoration services.
• Disaster assistance (FEMA or other groups) can take months – or in some cases – years to fully reap the awards.
• Disaster assistance is secured by taxpayer dollars -this means homeowners may only receive pennies on the dollar due to the number of claimants that need assistance- and do not have flood insurance.
• Disaster assistance budgets are already stretched – and homeowners may have to wait a long time to see any financial compensation and help – or lack thereof.
Other Benefits of Flood Insurance
There are other benefits of obtaining flood insurance for your new or existing home. For one, you can get reimbursed for property damages – even if the President does not declare a federal disaster. You also do not have to repay loans, as you may have to with certain federal disaster relief packages. Your covered losses are always paid in full with insurance plans.
Local insurance agents can help you process and handle your flood damage claims quickly. This allows you to get your property and life back in order. You can even request an immediate partial payment after the flood, which expedites the recovery process.
For more information on flood insurance and recovery, simply contact your local flood insurance agent or company. You can also request information from your homeowner’s association, as well as speak to neighbors and friends to see if they have policies in place. With hurricane season in full swing, do not wait for irreparable harm and damage to occur. Simply start the process today by contacting your local flood insurance provider and protect your properties and loved ones now!