Did you know that roughly 90 percent of natural disasters in the United States involve floods? This is one of the reasons why Robert Jain will recommend flood insurance, which will protect your property in the face of a situation like this. Despite this, there are many people that will look at this option and deem it unnecessary. For those that fall into this camp, here is what you should be aware of when it comes to said insurance.
You might be under the impression that purchasing flood insurance separately is unnecessary because it's included in the insurance you bought with your house. The truth of the matter is that these two are oftentimes mutually exclusive. In other words, one plan doesn't necessarily cover the other, which names like Bob Jain will tell you. Instead of assuming that you're completely covered, speak to your agent to learn more.
The way that most people buy flood insurance is through the NFIP, the National Flood Insurance Program. The NFIP offers two types of plans - one that covers homes and one that covers personal property - and it's possible to buy both if you're interested. Flood insurance covers many elements of your home that homeowner's insurance doesn't. Detached garages, water heaters, and permanently installed fixtures like bookshelves and cabinets are just a few elements that will be covered if a flood were to occur.
Everyone's definition of a "flood" is different, it seems, so what does it entail in terms of flood insurance? First, a flood is described as a situation where two or more acres of land that's normally dry becomes saturated, either by water or mud. Furthermore, it can occur as a result of another weather condition like a hurricane, which is known to create flooding waters. This is another topic worth bringing up with your agent for additional insight.
To say that flood insurance is important is an understatement, especially with the information covered here. If you think that making this investment is a lengthy process, you may be surprised by how easy it is. In fact, the only lengthy process is the amount of time needed for the insurance to kick in, as it requires about 30 days or so for processing. Make sure that you invest early so that your property can benefit from the utmost protection sooner.
You might be under the impression that purchasing flood insurance separately is unnecessary because it's included in the insurance you bought with your house. The truth of the matter is that these two are oftentimes mutually exclusive. In other words, one plan doesn't necessarily cover the other, which names like Bob Jain will tell you. Instead of assuming that you're completely covered, speak to your agent to learn more.
The way that most people buy flood insurance is through the NFIP, the National Flood Insurance Program. The NFIP offers two types of plans - one that covers homes and one that covers personal property - and it's possible to buy both if you're interested. Flood insurance covers many elements of your home that homeowner's insurance doesn't. Detached garages, water heaters, and permanently installed fixtures like bookshelves and cabinets are just a few elements that will be covered if a flood were to occur.
Everyone's definition of a "flood" is different, it seems, so what does it entail in terms of flood insurance? First, a flood is described as a situation where two or more acres of land that's normally dry becomes saturated, either by water or mud. Furthermore, it can occur as a result of another weather condition like a hurricane, which is known to create flooding waters. This is another topic worth bringing up with your agent for additional insight.
To say that flood insurance is important is an understatement, especially with the information covered here. If you think that making this investment is a lengthy process, you may be surprised by how easy it is. In fact, the only lengthy process is the amount of time needed for the insurance to kick in, as it requires about 30 days or so for processing. Make sure that you invest early so that your property can benefit from the utmost protection sooner.
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