One of the only things worse than waking up after a restful night to a heaping amount of water damage in your basement, is the process of figuring out how to cover it financially. The past few years have doled out many extra inches of precipitation to unsuspecting areas right here in Missouri and nationwide, causing historic flash flooding, sewer backups, along with many damaged businesses and homes. If you can see or hear water within proximity of your house, you may want to consider a flood insurance policy.
The Threat of The Next Day’s Aftermath:
Just this summer here in St Louis, many homeowners were hit with massive damage that put them on the phone right away with their respective agents to try and solve the many problems that so much water causes. One of the most common occurrences that we see here at the Alexander Insurance Agency of St Charles is people that are not covered under their homeowner’s insurance. When this happens, one cannot help but feel as if there was something they could have done differently. We have also learned that during seasons with intense weather, which seem to be ALL of them in Missouri, it is wise to frequently check your foundation for signs of damage.
Is Flood Insurance Available to Everyone?
The great news is that flood insurance is available to everyone, even if your home is situated on a designated floodplain. It’s not just homes that are prone to problems, as cars can often disappear and be swept away because of the powerful wrath of storms. Most auto insurance policies do cover comprehensive damage, so it is not necessary to have separate coverage in case something happens due to catastrophic weather while your car is parked.
The Specific Flood Insurance Policy for the Home will cover your home and belongings against losses incurred by water damage from flooding. After you purchase a policy, it will outline the basics that you need to know about your plan and tell you what’s covered, how much your monthly premiums are, and the amount of your deductible. The very traditional NFIP plan will cover up to $250,000 for building property damage and up to $100,000 for damage to your valuables, such as jewelry and electronics.
What is not Covered Under Flood Insurance?
One of the most important rules to remember is that flood insurance will only cover WATER damage that is caused by flooding. If a pipe bursts or a sewer backs up, these events are not included in flood insurance policies. It is also important to note that while some elements of your property hold a high amount of value, they may not necessarily be covered under the policy. Some of these examples are:
- Fencing, patios, pools, and decks
- Completed landscaping
- Structures that are detached
- Jewelry and cash above a certain limit
- Official certificates of stock
How is my Separate Car Insurance Policy Related?
Securing protection for your vehicle from flood damage will depend on the specifics of your auto insurance policy. If you are currently carrying comprehensive coverage, the vehicle is most likely covered, but it’s important to carefully look over your policy to understand what specific events and varieties of damage are taken care of. Much like an accident, a deductible will need to be provided out of pocket for each incidence of flooding. We can sit down with you here and offer our best advice as we have seen many rainy seasons affect drivers statewide and have developed a keen sense of the best coverage for different scenarios.
Is Flood Insurance Mandatory?
If your home is situated in an area that is prone to flooding, the lender for your mortgage will likely require you to carry a specified level of insurance as a relative term of your loan. Even if your lender does not require the purchase, it can be a very wise move to do it on your own: just a single inch of flood water can incur more than $25,000 in collective damage. FEMA stated last summer that it is important to consider the fact that more than 20 percent of the claims received by the agency are for homes that are officially designated in moderate or low-risk areas.
Since your traditional homeowner’s policy may not typically include flood coverage, considering making this purchase can provide a huge sense of security and ease your worry about the future. You will notice the extra monthly expense, but your coverage will offer you protection from losses so severe they are difficult to financially recover from. There are many resources for you to find the correct policy, and here at Alexander Insurance we can secure your belongings and peace of mind for the long run: we are standing by now to assess the ultimate way to assure security and rapid replacement for the items that make your best and most long-lasting memories!