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According to the US disaster list, a flood is one of the most dangerous and devastating natural disasters in the country, which is why, it is highly recommended for the property owners to have flood insurance policies. Many property owners find out too late, and run the risk of financial ruin once a flood has damaged the property.
Importance of Flood Insurance
If you are living in a flood prone area then you already understand the importance of having a flood policy, and you probably have coverage. However, people living in areas which are considered safe for floods, should also consider getting coverage.
According to the Climate Change Report by US Climate Communication Science and Outreach, a minor change in global temperature can lead to drastic changes in global climate. The report highlights that extreme weather changes may lead to severe droughts, rainfall, storms, and floods in different cities. As a result, heavy rains and floods would be more frequent and intense.
Considering the report, even if an area is marked as flood-safe, it is a smart decision to sign up for flood insurance. Most private insurance providers offer conditional flood safety as well. For example, if a water pipeline bursts due to fire, your flood insurance will cover the costs of property damage and replacement.
Home & Property Insurance Vs Flood Insurance
Many people misunderstand that a specific flood policy a separate policy is needed to cover flood over and above standard homeowners and commercial property ones. Home & commercial property insurance provides coverage for structural failure, fire, damages to the building, water leaks, and the like. However, flood insurance provides coverage against damages caused due rising water.
Why Should You Choose Private Insurance?
The national insurance program offers a number of benefits, which is ideal if you are just opting for basic insurance coverage. However, if you want an insurance package which is customized according to your needs, then choosing private insurance might be a better idea. The benefits of private insurance include:
• Coverage of the building (including the foundation)
• Coverage of HVAC, plumbing systems, and electrical systems
• Coverage of furniture, clothing, and kitchen gadgets like microwaves and dishwashers
• Possessions covers including temporarily installed carpets, portable air conditioners, removable microwaves, refrigerators, and more
• Coverage of related expenses including temporary housing
Flood insurance is extreme important in light of changing weather conditions and the financial risks associated with not having flood insurance. Talk with your agent or border to determine what coverage you need.
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Source by Mike Petty
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