As you might already know, flood insurance is excluded from all property insurance policies.
To take out a flood insurance policy, you must purchase it through the National Flood Insurance Program (NFIP) or any of their approved “Write Your Own” carriers. This makes flood insurance rates regulated by FEMA. Therefore, all flood insurance quotes and accompanying policies cost exactly the same.
Some Things to Know
All flood insurance policies are subject to a mandatory 30 day waiting period. There is a 30 day period between the first policy payment and when the flood insurance coverage actually begins. This waiting period is waived if the coverage is required by a lender or mortgage company. All mortgage or lender-required flood insurance policies begin immediately.
Another major factor to keep in mind is that approximately 25% of all floods occur in non-flood prone areas. If you’re under the impression that your home, or homes, are located within a ‘safe zone’ you might want to reconsider passing on flood insurance.
The good news is that flood insurance is available to almost every American. As long as your city participates in the National Flood Insurance Program. If your home’s not in a flood zone, you can still purchase pre-emptive flood insurance.
These items of property can include:
- Appliances
- Heating and air conditioning equipment
- Flooring
- Lighting fixtures
- Fire sprinkler systems
- Clean-up after the flood
- And More!
Flood Insurance coverage differs for a basement area which is defined as any room where the floor is below ground on all sides. However, most policies protect the entire structure of your home or business. Above-ground appliances and other items of property that are considered to be part of the building.
In most flood insurance policies, contents coverage is not included. Be sure to ask your Weber Insurance Advisor about your contents insurance options.
What Building Insurance Coverage Options Are Available?
The maximum building insurance coverage you can purchase from the NFIP is $250,000
The maximum deductible offered is $5,000
Why Do I Need Contents Coverage?
Not many people understand that a single inch of water can cause costly damage to your property. An inch of water would require most furniture and interior decor need to be replaced and in most homes, replacing all of these items could cost tens of thousands of dollars.
Fortunately, a solid flood insurance policy will allow you to bypass a large portion of these repair costs. Your policy will likely cover the replacement of furniture, the repair of your home and so much more.
How Much Contents Coverage Is Available?
Up to $100,000 for contents with a Standard Flood Insurance Policy.
Up to $100,000 for contents with a Preferred Risk Policy.
Personal property contents are covered on a cash value basis and replacement cost coverage is not available for contents.
How Do I Qualify For Excess Flood Coverage?
After the purchase of National Flood Insurance through Weber Insurance, you may find that you require more coverage than the maximum limit provided by the NFIP program. You may be eligible to purchase additional coverage through an Excess Flood Insurance Policy.
Can I Purchase Flood Insurance If I’m Not In A Flood Zone?
Yes. Flood coverage is available for anyone in a Non-Special Flood Hazard participating area. Flooding risk in these areas is lower and as a result, the cost is very little out of pocket.
Rest assured knowing we’ve got you, your home and its contents covered! Call Weber Insurance on 215-860-0400 or Click today to find out more about how Weber Insurance Corporation can save you money on Flood Insurance.
