Flood Insurance

Flood Insurance – Beneficial for Your Home or Business

Flood insurance is designed to protect property against flood damage. When damage occurs, the insurance provides financial assistance to the policyholder. Flood coverage is not a common part of traditional insurance, and must be purchased separately or added to existing insurance.

Most people think flood coverage is a part of homeowners insurance, but it’s not. If your area is a high-risk flood area, then you need flood coverage. If a flood occurs and you don’t have coverage, then your homeowner’s insurance will be of no help.

How it Works

The policy provides financial assistance to the policyholder in the event of flood damage to a specific property. The policy is paid for on a regular basis. If a flood occurs while an individual or business is covered, then the insurance policy will cover the damage up to coverage limits.

Types of Policy

Flood policies are basically all the same. They provide assistance following a flood. The difference is in how much coverage you actually have. And some policies might cover things others do not – based on the property. For instance, flood coverage for a business wouldn’t be exactly the same as flood coverage for a home.

A flood policy does not include common water damage. Water damage is when, for instance, pipes burst. The room might “”flood,”” but it’s not considered flooding. Flooding is said to occur when it is a natural disaster situation, such as when a river overflows or rain builds up into flooding levels.

Speak with an insurance agent to determine if flood insurance is good for you.

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