Many
people find out too late they are at risk for flooding, and even worse,
that their property insurance does not cover flood damage. In fact, according
to the National Flood Insurance Program, flooding occurs in every state
and 25% of all floods occur in low-to-moderate risk areas.
Floods can strike anyone, at any time, in any place! Even if you don’t live
near a lake or river, floods can result from damaged water mains, ruptured tanks
and towers, broken dams and levees, even runoff due to poor drainage. And, of
course, there’s always the risk of floods from hurricanes, heavy rainstorms
and melting snow.
The following lists provide general guidance on items covered and not covered
by flood insurance:
What is insured under Building Property coverage?
The insured building and its foundation
The 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 an unfinished floor.
Permanently installed paneling, wallboard, bookcases, and cabinets.
Window blinds.
Detached garages (up to 10% of Building Property coverage). Detached
buildings (other than garages) require a separate Building Property policy.
Debris removal.
What is insured under Personal Property coverage?
Personal belongings such as clothing, furniture, and electronic equipment.
Curtains.
Portable and window air conditioners.
Portable microwave ovens and portable dishwashers.
Carpets not included in building coverage (see above).
Clothes washers and dryers.
Food freezers and the food in them.
Certain valuable items such as original artwork and furs (up to $2,500).
What is not insured by either the Building Property or Personal Property Coverage?
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 a 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.
Most self-propelled vehicles such as cars, including their parts (see
Section IV.5 in your NFIP policy).
The maximum amount of coverage available in the NFIP's Regular Program for residential
properties is $250,000 on a structure and $100,000 on contents. The NFIP's Emergency
Program has lower maximum coverage amounts of $35,000 on a structure and $10,000
on contents.
What if my property and/or contents are worth more that $250,000 / $100,000?
If your property is valued at more than $250,000 or your contents are valued
at more than $100,000, you should seriously think about an Excess Flood Policy.
An Excess Flood Policy can extend your flood coverage up to an additional $10,000,000
on a structure and contents.
Daly Insurance can answer any questions you may have about flood insurance and
excess flood insurance as well as provide you with flood insurance protection.
If you have a home-based business, we can also provide any special coverage
you may need to insure your business property against flood loss.
Contact us 912-352-1400 for a flood or excess flood quote today. |