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Neptune flood insurance12/18/2023 ![]() So, like all insurance policies, make sure you read everything and you understand what you’re buying! What isn’t covered by flood insurance? In general, flood insurance is a bit finicky. Think of it this way: if you were to tip your house upside-down, whatever wouldn’t fall out goes under this category, and is covered up to $250,000. What does flood insurance cover?įlood insurance covers two main things: your stuff and your place.īy stuff we mean your personal property – we’re talking all your clothes, electronics, curtains, carpets, and other valuables up to $100,000.īy place, we mean things like flooring, carpets, built-in appliances, walls, ceilings, and more. Keep in mind that these prices are not regulated, so you’ll want to shop around to make sure you’re getting a fair price from a company that will be able to pay out claims in the event of a major flood. These policies are still backed by FEMA and the NFIP, but they’ll allow you to adjust your coverage to cover more expensive property. Since FEMA’s NFIP coverage maxes out at less than the cost of many homes, several people opt to purchase flood insurance through a private carrier. It’s designed to help renters and homeowners protect themselves against damage caused by floods with federal flood insurance, since a typical policy won’t include it. The NFIP is a program Congress created in 1968 as part of the Federal Emergency Management Agency (FEMA). It’s relatively easy to buy flood insurance– you can do it through your insurance agent or directly through your insurer if they participate in the National Flood Insurance Program (NFIP). Even if you don’t think you need flood insurance, it’s a good idea to get it, especially considering the damages this natural occurrence can cause. If you live in an area prone to flooding and need to take out a mortgage on your house, your bank might make you get a policy – it’ll protect your investment and their stake in your home. But you can avoid this risk (and sometimes have to) by purchasing a separate flood insurance policy. Well, insurance is supposed to provide you with a safety net for sudden, accidental, and abnormal cases in which your stuff is ruined.įlooding, though, is so common and apt to cause serious damage that most home insurers can’t provide coverage for it. So, what gives? Why aren’t you covered for flooding if it fits the parameters of sudden and unexpected, two of the main tenants of events your insurer will cover? Why damages and loss from flooding generally aren’t covered? (and what you can do about it) Some states, such as New York, even have a special exclusion for direct or indirect loss resulting in flooding. In fact, any water damage from the outside-in isn’t covered on standard homeowners or renters policies. That said, flooding (by mother nature) isn’t covered by your typical renters or homeowners insurance policy. Whether you live in the Northeast and face the dreaded thawing of winter or in the Deep South under the threat of hurricane season, you know how important it is to make sure you’re properly covered. What is flood insurance?įlooding is one of the most common natural disasters in the U.S. Flood insurance provides you with coverage when your stuff and/or property is ruined as a result of… you guessed it, flooding.
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