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Flood Insurance: A New Year Resolution

Flood Insurance: A New Year Resolution

Now that 2018 is upon us, it’s a good idea to take stock of your assets and assess your coverage. One major piece of the insurance puzzle is flood insurance. Summer storms may seem like they’re far off in the future, but now is the time to secure or adjust a flood policy before the rain sets in. Too often, communities are caught off guard by extreme weather conditions, as we’ve seen time and again in 2017. Homeowners affected by severe flooding may end up requiring the services of a water restoration company to help return their property to its prior state.

Florida Flood InsuranceIf you insure a property in Florida, it’s especially important to consider flood insurance. Since the entire state is looked on as a flood risk, separate coverage is required beyond your basic home owner’s insurance policy.

Flood insurance is purchased through the National Flood Insurance Program (NFIP) and a select few private insurers. A flood policy covers damage caused by rising water outside of the home. Leaks and flooding due to roof damage in a rainstorm are covered by your typical homeowner’s policy, while flood insurance accounts for damage due to weather or other extreme water conditions that originate outside of the home.

Ultimately, water damage in the home can cause a wide range of problems and lasting damage so it is well worth knowing what the risks are and how to prevent water damage in your home. If your home does get damaged by a flood or extreme weather conditions, contact a water restoration company as soon as possible. The sooner you notice there is a problem, the quicker it can get fixed! Furthermore, it is important to always make sure that your roof and guttering are well maintained. Consequently, you should check your roof regularly, clear any debris from the guttering, and make sure you repair any visible damage to your roof as soon as possible.

Above all, when checking your roof it is almost always safer to get a professional to do the job. Correspondingly, reaching out to a team of flat roofing specialists at least once a year can help to make sure that your roof is still in good working order.

That is not all that you need to keep in mind though. For instance, the Insurance Information Institute (III) reports in their article “Background on: Flood Insurance” that flooding is three times more likely to occur than fire over a thirty-year mortgage period in risk zones.

Just being outside of a high-risk zone doesn’t guarantee that flooding won’t impact your property. The III also stated that since the beginning of the NFIP, nearly 30% of all paid losses for flooding have been for areas not officially deemed a high-risk flood zone.

Floods can have a devastating impact on the foundations of your home, and so taking out a flood insurance policy can soften the blow if you were to need to contact a foundation repair specialist to repair any damages. If you live in an area that is particularly susceptible to flood damage, it is therefore in your best interest to have a foundation repair specialist in mind should you need to use their services. Done Right Foundation Repair provides foundation repair services in Austin & San Antonio, and there are plenty of other local services that can all be found online, so do not be afraid to do your research. Preparation is everything.

Businesses are at risk too. If you operate a business in an area considered flood prone, you are required to carry this coverage. However, even if your business is found outside of the high-risk zones, you may want to consider the implications of outside water damage. In the event of an emergency, this policy will help to get your business up and running as fast as possible without incurring heavy losses.

Since most flood insurance policies take 30 days to go into effect, waiting until storm season is just around the corner is not a good idea. It would be like holding an umbrella over your head after standing in the rain for five minutes. Cover and protect yourself before the rain comes with your insurance umbrella. Nobody wants to use an umbrella on a sunny day, but most people keep one around should storm clouds roll in.

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