4 Important Details About Flood Insurance

​Natural phenomena like floods are out of our control. But, we can provide preparation for the impact it will cause. Standard home insurance does not cover flood damages. That means property owners are left paying the bill for damages to their personal property. Loans may be available to aid with recovery. However, it includes interest charges. 

If you're living in a flood-risk area or planning to move to a new home, apartment, or business location, consider purchasing flood insurance. In this article, we'll review the five details of flood insurance to help you decide.

What is Flood Insurance?
Flood insurance is a separate policy intended for property protection if damaged in a flood. All residential and commercial properties are eligible for flood insurance plans. 

1. Benefits
   Flood insurance is one of the best ways to protect yourself against financial losses caused by flood events. One benefit is that it provides funding to repair damaged property, enabling people to recover completely.
   
   
2. Cost 
   There is a regulation regarding the pricing of flood insurance policies. If you live in a flood zone, the cost of your policy will vary depending on your location and home's structure. The type of coverage you select, such as replacement cost value versus actual cost value, will also impact costs.
   
   
3. Coverage
   Direct physical damages from floods and losses brought on by flood-related erosion are covered by flood insurance. The protection it offers revolves around the physical structure of your home and its foundation. While it typically pays out for the replacement costs of the damaged properties.
   
   
4. Non Coverage
   Flood insurance provides limited coverage for the things that are kept in basements. These items are typically included under building coverage. 
   
   Here are a few examples of the different types of assets and expenses that are not covered by a standard flood insurance policy.
   
      - Damage that can be avoided
      - Paper valuables (certificates and currency)
      - Cars and other vehicles (these are covered by auto insurance)

For Protection
Floods can occur anywhere, regardless of the flooding risk zone. With flood insurance, you can secure your financial security when a flood strikes your home. Remember to protect yourself from the consequences of flood damage. It would help if you got a separate policy in addition to your home insurance.

At Cornerstone Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 661-8831 or Click Here to request a free quote. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!