Even thought you'd think floods would be included in your homeowner's insurance policy, it is not! Flood insurance is a specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, we will refer to topographical maps that denote lowlands, floodplains, and floodways that are susceptible to flooding.
Flooding is the most common natural disaster.
Flood insurance goes beyond the coverage of a standard homeowners insurance policy and protects you from more severe types of water damage, like heavy rain, melting snow, and severe coastal storms. After all, water's great in pools and on water slides but not so much in places it doesn't belong in your home. So, whether you're required to buy flood insurance or just want additional protection for your property, Time Insurance Agency can help insure your investment with a flood policy.
Electrical & Plumbing
Carpets & Flooring
Heating & Air Units
Flood Insurance Usually Covers
What does Auto Insurance Cover?
Most flood policies, even if you buy them through a private company such as Allstate or Liberty Mutual, are underwritten by the National Flood Insurance Program, or NFIP. These policies feature two standard types of coverage, each with a separate deductible:
Building coverage. Pays for damage to things like electrical and plumbing systems, water heaters, furnaces, foundation walls, built-in appliances and permanently installed cabinets. You can purchase coverage up to $250,000.
Contents coverage. Pays for damage to items such as clothing, furniture, artwork, curtains, washers and dryers. This coverage is limited to $100,000.
The NFIP’s contents coverage is provided on an “actual cash value” basis, meaning that you’ll receive a payout based on an estimate of what your belongings are worth at the time of the flood. For example, say the floodwaters damage your 15-year-old recliner beyond repair; your policy will pay enough to buy a used recliner of similar age and quality — not enough for a brand-new one.
The damage to your car or theft of your car
Your legal responsibility to others for bodily injury or property damage