Do you need flood insurance?
Do you need additional flood insurance living in Eldersburg?
Flood damage is not usually covered by homeowners and renter’s insurance policies. To protect your home, it's important to know what your insurance options are and what the risks are of flooding in your area in Eldersburg.
Is flood insurance something that I need?
Residents who live in flood-prone zones need flood insurance. However, floods can occur in inland areas, as well - in places where melting snow, an overflowing creek or pond, or water running down a steep slope could cause your house to flood.
In addition to homeowners, renters can acquire flood insurance, but it must be purchased separately since, like tornado insurance, flood insurance is not included in the standard homeowner coverage. Flood insurance is provided by the federal government and private insurers. It’s a good idea to buy flood insurance before a flood season warning airs on the news—there’s usually a 30-day waiting period before a policy takes effect.
How do I acquire flood insurance?
Flood insurance is provided by the Federal Emergency Management Agency's National Flood Insurance Program (NFIP). NFIP policies are generally sold by private insurance agents, even though they are underwritten by the government.
- You may insure your home structure up to $250,000 and your personal property up to $100,000 using the NFIP policy.
- Your NFIP policy provides coverage for the cost of rebuilding your home to its original condition before the flooding.
- You are covered for actual cash value for your possessions with the NFIP. You'll get the current value of your possession, which might not a great deal compared to what it would cost you to buy new items, especially if they're older and have depreciated.
- In addition, NFIP coverage may have limitations for items kept in your basement.
Flood insurance can be through two types of private insurers that may be available in certain areas.
- There are more and more private insurance companies offering ‘first-dollar flood insurance. These policies are comparable to the NFIP policy, but generally offer increased levels of coverage. To find out whether this is possible in your area, speak to your insurance professional.
- Those who live in communities not covered by the National Flood Insurance Program (NFIP) or in areas outside the NFIP may purchase excess flood insurance coverage. Additional flood insurance can be bought whether the primary policy is with NFIP or a private insurer. Flood insurance is available everywhere in the country—in coastal areas and all along major rivers as well as in areas of lower risk. A homeowners insurance policy under this plan can be obtained through a specialized company, or independently through an insurance agent.
Restoration 1 of Central Maryland has the solution to flood damage, regardless of whether this was caused by a storm or another disaster. Contact us today for an assessment and begin the restoration process.
