Usually an after thought when purchasing property, homeowner flood insurance may be the best investment you can make to protect your home and possessions. Misunderstood or not available in the past people now have no excuse for not insuring that when tragedy strikes they are protected. Mandated by Congress in 1968 the National Flood Insurance Program made it possible for protection from floods and their devastation.
There are different levels of protection, as with all insurance policies, that you can select for this insurance. One option is called the Preferred Risk Policy (PRP). This type of policy has a lower cost and is aimed at homeowners who have property in “low" to “moderate" flood risk areas. The property covered can be classified as residential or business. Statistics from FEMA state that, a whopping ninety percent of all natural disasters in the US involve flooding and twenty five to thirty percent of flood insurance claims are from regions designated as “low-risk. "
Flood insurance is sold as a separate policy and will have to be added to your existing home insurance coverage. Even though you may not live in a flood zone, natural disasters and accidents do occur so it is prudent to have at least the minimum coverage to protect your possessions and home. Make absolutely sure that you know what is covered in any policy you are considering. You want no surprises when your stuff is swimming in water.
If you are purchasing homeowners flood insurance for the first time there is a standard waiting period before the policy is active. This is important. The waiting period is usually thirty days, however, if you are adding this coverage to an existing policy the waiting period is often waived. It depends on the terms and conditions of your policy and insurance company.
When the National Flood Insurance Program was introduced, insurance companies made special provisions to its policyholders. The biggest benefit to this type of policy is that it also covers what is termed “Acts of God", which means that not only is your home insured for flood damage, it is covered for a number of different natural disasters. It is important that you discuss which disasters are covered with your insurance provider.
Researching on the internet will allow you to do some comparisons to see what is being offered by different companies and get the best quote online. This is a quick and painless way to find the highest amount of coverage for the lowest premiums. You can also learn a lot about the different levels of home insurance coverage available.
Whether it is a natural disaster or some other unforeseen event you must take into account the cost of replacing and/or repairing your possessions and even the structure of your home. If you can afford to do this without insurance, great. If not, it will be like being in a row boat with no paddle. Of course adding flood protection to your existing home insurance policy is going to mean higher premiums, it is worth it. If a flood or other disaster should occur would you want to be denied a claim for not having it? The peace of mind that you can recover from a flood or disaster is why an investment in affordable homeowner flood insurance makes sense.
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