Most people don’t know a lot about flood insurance, and they only begin to learn after it is too late. There are several important things you need to understand about this form of insurance that should help you decide on whether you need it or not, and with few exceptions, most homeowners need to have a policy.
Your current policy does not cover flooding
Granted, if your house catches fire and the fire department uses a lot of water to put the flames out, you will have water damage to your home. A burst pipe is in the same category and both of these types of water damage will be covered by your homeowners policy. However, this is where the flooding coverage ends. Regardless of the source of the flooding, you will be on the hook for paying for the restoration of your home.
You can’t add this coverage to your existing policy
The reason for this is clear. There is simply too much risk associated with insuring a home against flooding. There are too many variables involved, and flooding can often affect so many homes that paying off the claims would bankrupt an insurance company.
The federal government provides this insurance
Because the private sector will not provide this insurance, the government steps in and insures homes against flooding from storms, hurricanes, tornadoes, water surges and river overflows to name only a few. They don’t sell these policies directly to the public, but there are government approved companies that do. An insurance agency orlando company can provide more detailed information to you. The rates are determined primarily where your house is located. These areas are designated by the federal government.
You can buy this insurance no matter where you live, and believe it or not, there is a certain risk for flooding no matter where you live in the country. You owe it to yourself and your family to make sure your home is protected from flood damage. The process of getting a policy is quick and easy, but it starts with a simple phone call.