As a homeowner, one of the first things you do is to purchase protection from a reputable company insurance. But most of the time, the agent or representative fails to inform you that your coverage does not include damages or loss resulting from flood. This, of course, leaves you at a loss when such catastrophe happens.
This situation is actually quite familiar and you might even heard really frightening stories involving denied insurance claims because the homeowner was unaware of the limitations of their insurance policy.
To avoid being in the same boat as these unfortunate homeowners, consider the following suggestions:
If you are unsure whether or not you have flood protection, you should immediately call your company insurance agent to clarify the details of your policy. This is also the perfect time to check if your coverage is updated and get assessed for flood insurance.
Once it has been established that you do need flood insurance, you should not dilly-dally. You should know that it could take at least 30 days before the policy takes effect and you would not want to be caught unprotected when the winter rains start to fall.
Inquire about the membership of your carrier with the National Flood Insurance Program. The cost of your flood insurance is usually based on the risks that a particular region is exposed to. If you are residing in a low-risk area, inquire about the Preferred Risk program which could entitle you to some discount.
In case you would like extra protection, in addition to that offered by the federal government, you can ask your carrier about certain supplemental flood insurance protection.
If you already have flood insurance coverage, make sure that you check the details and determine if you are indeed sufficiently-protected. Also, it would be smart to know about the claim procedures just in case.
Having flood coverage provided by your company insurance will ensure that you and your belongings are protected from damages or loss that can be quite substantial. You will be definitely paying more in terms of insurance premiums but it will certainly be worth every penny.