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With predictions of Noah’s Ark-like rain storms this season, have you thought about flood damage coverage for your home? But you say there’s never been flooding near you, so why bother? The National Flood Insurance Program (NFIP) warns that “flood risk isn’t just based on history, it’s also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.”
Most homeowners policies don’t cover flood damage, so you need to be sure you have the right policy to help you when and if flooding occurs in your area. According to weather experts, we are in for a hard rainy season, so it’s better to be safe than sorry.
So what is covered by a NFIP policy?
Building Property: The insured building and its foundation; Electrical and plumbing systems; Central air conditioning equipment, furnaces and water heaters; Refrigerators, cooking stoves and built-in appliances such as dishwashers; Permanently installed carpeting over unfinished flooring; Permanently installed paneling, wallboard, bookcases and cabinets; Window blinds; Detached garages (up to 10 percent of building property coverage); detached buildings (other than garages) require a separate building property policy; and Debris removal.
Personal Property: Personal belongings, such as clothing, furniture and electronic equipment; Curtains; Portable and window air conditioners; Portable microwave ovens and portable dishwashers; Carpets that are not included in building coverage; Clothing washers and dryers; Food freezers and the food in them; and Certain valuable items such as original artwork and furs (up to $2,500)
What is NOT Covered? This is very important to know: Damage caused by moisture, mildew or mold that could have been avoided by the property owner; Currency, precious metals and valuable papers such as stock certificates; Property and belongings outside of an insured building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs and swimming pools; Living expenses such as temporary housing; Financial losses caused by business interruption or loss of use of insured property; and Most self-propelled vehicles such as cars, including their parts.
Check with your insurance professional to be sure you are fully covered for every eventuality. Better safe than sorry.