“Build a dam or buy insurance.” – Noah, probably 😂
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What You Get
- Protected property and contents
- Provides funding to repair flood-damaged property without the need to draw down savings
Why You Need It
- It is required especially for properties located in high-risk flood zones
- To help you recover from flood damage faster
Flooding occurs in every state and is reported to be a menace that causes more deaths each year than tornadoes, hurricanes, or lightning. Maybe you’re thinking that you’re safe from this one because your property is not located near the coast. Well, we bet you’re wrong. This is a risk that property owners must be prepared for as it naturally occurs and exists anywhere that receives rain.
Typically, homeowners’ insurance does not cover flood damages. Hence, flood insurance is your only option to protect your property and savings from all costs caused by this natural disaster. This could really be a great contribution to your peace of mind especially if your home is located in a high-risk flood-prone area.
In contrast to your standard homeowner’s policy where you can decide when your coverage begins, flood insurance coverage begins 30 days after a policy has been issued. Therefore, it is recommended that you get one before the onset of the rainy season. It’s better if you know your flood zone as it determines if you’re required to get flood coverage for your property especially if you’re working with mortgage lenders.
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