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When it comes to flood insurance, many homeowners assume that they are covered by their homeowner’s policy. However, standard homeowner’s policies do not usually provide coverage in case of a flood.
Flood insurance is a separate insurance that can provide coverage for damage done to a house, or personal property during a flood. Depending on your location and risk of floods, taking out a flood insurance policy might be a good idea.
When designing a policy, a couple of things that your insurance agent will take into consideration are the risk of flooding in your location, and the amount of coverage that you would like to have.
If your house is on the waterfront, or you live near the coast, and the chance of a flood is higher. In high-risk areas, insurance will generally be more expensive than areas where there is little risk of flooding. In high-risk areas, a comprehensive policy is especially important.
Most flood insurance policies can provide coverage for buildings, personal contents, replacement costs, and the cost of compliance with current building code standards. Flood insurance generally covers damage that is caused directly by a flood, but you can also take out additional policies for secondary damage, in case of damage that is caused as an indirect result of the flood.
Building coverage is coverage for your home or business, and the buildings on your property. This insurance usually includes appliances as well as the actual building structures.
When a rental RV is in your possession, it is your responsibility, so it is important to make sure your rental RV is covered. Most rental companies will automatically include rental insurance, or require you to take out a separate policy.
You should also make sure that your policy includes coverage for not only your house, but for your personal property as well. It is important to ensure that your coverage is adequate and to make sure that you have proper documentation of the contents that you are insuring. Keeping receipts and photos of valuable items can help to expedite the claims process, and allows you and the insurer to agree on the exact value of the items.
Cost of compliance includes the costs involved with rebuilding in compliance with state and local regulations, this coverage is usually limited.
Flood insurance coverage also generally includes the costs of items used to prevent the flood damage from becoming worse such as sandbags, etc.
If you live in a high-risk flood area, or are interested in flood insurance to protect your home and belongings from flood damage, talk with Texas Insurance Agency. Flood insurance policies vary so be sure to talk with an agent to ensure you are adequately covered.
Most policies take 30 days to go into effect, so don’t wait until it’s too late, talk with an agent today.
Comprehensive policies are designed to provide coverage for the RV, in case of damage, theft or accident.