Is Flood Insurance Necessary?
Is Additional Flood Insurance Necessary While Living in Rockville?
Flood damage is not covered by homeowner's or renter's insurance policies, so knowing your insurance options and the risk of flooding in your area in Rockville is essential to protecting your home.
Are Flood Insurance Policies Something That I Need?
Many people think flooding only occurs in flood plains. However, flooding can occur in places like inland areas - if a creek overflows, a steep drop off, or melting snow leads to an overflow and causes flooding in your home.
Neither renters or homeowners are covered for floods. Flood insurance must be purchased separately since, like tornado insurance, flood coverage is not a standard part of homeowner policies. Flood insurance is provided by both the federal government and private insurers.
Before a flood season warning airs on the news, it is a good idea to buy flood insurance — there is usually a 30-day waiting period before a policy will take effect.
Where Can I Buy Flood Insurance?
Insurance for flood damage is administered through the National Flood Insurance Program of the Federal Emergency Management Agency. Through the NFIP policies are underwritten by the government, they are generally sold by private insurance agents.
- NFIP offers insurance coverage for personal property up to $100,000 and home structures up to $250,000.
- Under your NFIP policy, rebuilding to your home's original condition before flooding is covered.
- With NFIP, your possessions are covered at actual cash value.
- Coverage may be limited for items in your basement.
In some areas, flood insurance may be provided by private insurers.
- Several private insurance companies offer flood insurance comparable to the NFIP policy but tend to offer more comprehensive coverage. For more information on this, speak to your insurance professional.
- Residents outside the National Flood Insurance Program (NFIP) and in communities not covered by the NFIP may purchase excess flood insurance coverage. Additional flood insurance can be purchased regardless of whether the primary policy is with NFIP or a private insurer. Flood insurance covers all areas of the country, from coastal areas to major rivers and areas of low risk. A specialized company or an insurance agent can provide this service.
Our team at Restoration 1 of Rockville is equipped to handle flood damage, regardless of whether caused by a storm or another disaster. Contact us today for an assessment and start the restoration process.
