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Besides homeowner insurance policy, flood insurance is perhaps the next most important insurance policy every homeowner should endeavor to buy whether or not they live in the high-risk flood zone.
Most communities in the United States participate in the National Flood Insurance Program (NFIB). If your community participates in the NFIB, you are eligible to buy flood insurance. NFIB is a federal government program that allows property owners in the participating communities to buy flood insurance to protect them against flood related disasters.
Many homeowners believe that their homeowner, business or commercial insurance policies cover their properties against flood damages. They do not and most insurance service specialists see many property owners who walk into their offices wondering why their property insurance policies did not cover them. Only flood insurance covers properties against flood.
Here are reasons for buying flood insurance right now even when your property is not facing threat of flooding.
The cost of flood insurance can be inexpensive depending on the location of your property. Home and other properties located inland are insured at very low price. Only those with properties located along coastal lines are charged higher fees due to the belief that they are likely to experience flooding on a regular basis and are expected to file claims frequently. Most properties are located inland and therefore, charged low fees to buy flood insurance.
Buying flood insurance now ensures that you will be covered if your property becomes flooded. The NFIB requires 30-day waiting period before flood insurance policies take effect. The rule is aimed at protecting insurance companies from those property owners who may want to game the system by buying flood insurance just when they believe they may be flooded instead of insuring their homes all year round. Getting flood insurance policy now insures that your property is covered.
Flood insurance covers whole properties including basements. So if your property including basement become flooded, the flood insurance benefits will cover the damage and allow you to rebuild or repair the damage with relative ease.
Having your property flooded without adequate flood insurance can place undue burden on your finances and family. These days, cleaning up damaged property can cost thousands of dollars and this cost will be borne by the property owner without insurance. Flood insurance provides security for you and your family.
Flood insurance is backed by the full faith of the United States government so you can expect to be compensated by the government even if the President fails to declare disaster area. Flood insurance give peace of mind as a result of the government backing.