Assessing Private Flood Insurance

With increased levels of snow and rain hitting the ground this winter, flooding is an issue at the forefront of many homeowners' minds. Most insurance policies do not cover damages caused by flooding, so it's important that you take the time to assess the private flood insurance policies available to add onto your existing home insurance policy.

Here are three things that you should be considering to ensure you have the best private flood insurance to add to your home's existing coverage.

1. Waiting Periods

Since there is no way to predict when flooding will occur, you want to ensure that you are able to get your home covered against flood damages as quickly as possible. Some insurance companies institute mandatory waiting periods that delay coverage for a short period of time.

Before you commit to a flood policy, you should verify the wait period (if any) with your insurance agent. When immediate coverage is a serious concern, opt for private flood insurance that requires no wait time before coverage kicks in.

2. Coverage Of Your Belongings

It's important that you verify whether or not your existing home insurance policy would cover damage to your belongings in the event of a flood. While all private flood insurance policies provide compensation for any damages sustained by the physical structure of your home, most policies do not include coverage for the replacement of the home's contents as a standard practice.

You will need to add this type of coverage on to your policy to ensure that you are able to access financial compensation for your clothing, furniture, and other personal items that may be damaging during a flood.

3. Approvals

Private insurance companies are not required by law to offer coverage to all customers. If an insurance company feels that the risk of flooding in a certain area is too great, they may deny coverage for flood damages to their customers.

You need to be sure that your private flood insurance policy contains an approval clause that states your coverage cannot be cancelled if the risk of flooding in your area increases. This clause will ensure that your home is protected at all times.

Adding private flood insurance to your home's existing insurance policy is a great way to protect your assets as the risk of flooding increases due to increased precipitation. Make sure that you ask about waiting periods, coverage of personal belongings, and approvals before you invest in a private flood insurance policy for your home. Contact a business such as Hamsher Insurance for more information. 

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