Hazard Insurance Protection: Is Yours Enough?
Did you know that Tropical Storms with female names are not taken seriously? We don’t know why, but most people don’t feel threatened by a female named tropical storm. Unfortunately, Florence is one Tropical storm you don’t want to take lightly. Hurricane Florence is estimated to cause over $170 billion dollars of damage and affect an estimated 759,000 people. Compare this to Hurricane Sandy whose damage was only $65 billion and was the deadliest to hit the U.S.
Florence is set to hit the Carolina coastline with winds of up to 140 mph. However, analysts say that a lot of damage will come from the flooding is set to move inland for miles. Even if you are not in the line of the wind damage or flooding, do you know if you have the correct hazard insurance to protect your home? Check NOW to ensure your homeowners insurance covers flood damage. Did you know that the majority of policies do not actually cover flooding? Unfortunately, if yours does not, you may be to late. The waiting period is 30 days to add flood insurance to your policy. Even if you are too late, we still recommend adding it if you live within reach of a Hurricane’s usual route.
The Price of Flood Insurance:
Flood insurance can vary in price depending on when and where you buy. The higher the risk of flooding, the higher the cost. Ironically, according to FEMA, the majority of claims filed for flooding come from areas that are not actually in high-risk flood zones.
Not only should you purchase flood insurance, regardless of your location, but also be aware of what kind of flood insurance to buy. There are two kinds. One to protect the building (your home, furnace, hot water heater) and one to protect your home’s contents (possessions, appliances, washer/dryer).
Lastly, ensure your home is not required to have insurance. Homes within the FEMA high-risk area MUST maintain flood insurance to be eligible for future federal disaster aid.
It may feel too late to purchase it if you don’t already have it, but it is never to late to plan ahead. Even if you aren’t in a declared “disaster area,” you never know when your next personal disaster will strike. Did you know that even an inch of water can cause serious damage to your home? Get flood insurance now.