Should You Have Separate Insurance Coverage for a Hurricane

Many homeowners are unaware that their home insurance policy do not provide coverage against floods or hurricanes. The only way to get covered from the flood is to purchase a separate flood insurance. You can find out if your home is in a flood zone from your mortgage company. After you have purchased the flood insurance, it will take 30 days for the policy to take effect. So, you should purchase the flood insurance as soon as possible especially if there is a hurricane that is forecast to hit your area.

FEMA offers flood insurance through the National Flood Insurance Program (NFIP). Flood insurance is available to many communities that take part in the NFIP program. The NFIP flood insurance will cover both your property and the contents in your property. The flood insurance policy will only provide coverage if there is at least 2 acres of your home covered with flood water. You can purchase a coverage of up to $250,000 for the property and up to $1000 for the coverage of the contents in your home.

The premium of the flood insurance policy for a home located in a high risk flood zone costs about $600 – $700 per year. If your home is in an area that has medium or low flood risk, your lender do not require you to purchase the flood insurance. However, if you feel that your home may be hit by the flood, you can buy the flood insurance. Flood insurance for homes located in medium or low flood risk area costs only about $137 per year. You can get discount in the flood insurance by reinforcing your home against the hurricane and storms. For example, you can install shutters on the windows. You can opt to pay a higher deductible to reduce the premium cost to the flood insurance.

The flood insurance will cover any flood damage that is caused by an outside water source. For example, it won’t cover any damage that is caused by broken pipes in your bathroom. It also does not cover any flood that happen as a result of the damage on your swimming pool. Flood damage to the landscape in your surrounding home including vegetable and flower gardens. The flood insurance policy won’t offer any coverage on mold or mildew damage if they found out that you could have prevented it from taking place.

The flood insurance policy also won’t offer any coverage on the costs of having to renting another place to live while your home is under repair. It will not offer any coverage for the losses of profits if you operate a business from your home. It does not cover for any valuable or certificates or money that are lost in the home during the flood. The flood insurance policy may not offer any cover against the contents in the basement