Insurance

Flood Insurance, Even in a Non-Flood Zone? You Bet

Record breaking flood waters have emerged following one of the most devastating hurricanes the US has come to know. In fact, in the south east areas of the lone star state, the majority of homeowners do not even own flood insurance. And who can blame them? There was never a precedent in the locality. Although hail and wind storms are a constant concern for property and business owners, no one imagined that rain waters would contribute to enormous damages as those suffered and broadcast throughout the country in recent days. Surely not the home mortgage companies, for they do not even require it from borrowers!

But now that the toll has risen among the dead and those forced out of their homes seeking shelter, one thing remains clear. When things eventually do settle down, home owners and people in the commercial sector will have to deal with the epic losses and damages on their own because of a lack of related coverage.

For homeowners without flood coverage the facts are uncomfortable, as they are painful: a standard home insurance policy does not protect from floods and the damages related to them. The insurance industry stresses in no uncertain terms that compensation is only provided to those who had the foresight to acquire flood insurance in the event of water damage emanating from atmospheric conditions like a hurricane, a tropical storm or other inclement weather.

A little history about Flood insurance:

The year was 1968 when the US Congress mapped out its flood program. Designed to help assist home and business property owners from the financial ravages of a damaging flood, its policies are offered in all communities that are involved in the rules of participation.

Flood coverage shields property owners or renters from building damage and contents damage.

This includes the following:

• The structure, as well as building foundation

• Electric and plumbing systems

• Central air conditioner, furnace, water heater

• Refrigerator, stoves, and any installed appliances, like a dishwasher

• Carpet that has been installed over bare flooring

• Personal clothing and electronics

• Drapery

• Transportable heaters and air conditioners

• Carpeting other than what is included in the property coverage

• Washers and dryers

Typically, flood recompense claims include:

• Replacement Cost Value: up to eighty percent of the amount needed to replace property damages in a single-family, primary residence

and

• Actual Cost Value – replacement costs at the time of loss reduced by physical depreciation

Note: The flood program always uses actual cost value to determine reimbursement of personal property.



Source by M Wyzanski

Radio Online

Share
Published by
Radio Online

Recent Posts

Sustainable Telecoms | Course out nowSustainable Telecoms | Course out now

Sustainable Telecoms | Course out now

Telecom networks are expected to deliver ever-increasing data rates due to the implementation of new…

7 hours ago

Health Insurance லாபமா?நஷ்டமா? மருத்துவ காப்பீட்டில் ஏமாறாமல் இருக்கும் Tricks இதான்| Sundari பேட்டி

healthinsurance #behindwoodsair #sundarijegathesan சிறந்த HEALTH INSURANCE தேர்ந்தெடுப்பது ... source

17 hours ago

Drab to Fab | GARDEN | Great Home Ideas

Charlie show's you how to take a drab area of your garden and create fabulous…

21 hours ago

PAANO BA MAGTRADE? | TRADING TUTORIAL PARA SA NEWBIES SA CRYPTO!

Mystery Box up to 10000 USDT ! Open the boxes with Marvin Favis !!! Terms…

2 days ago

FOMC TUTANAKLARI ÖNCESİ VOLATİLİTE GELDİ // BITCOIN – ETHEREUM – ALTCOINLER // AHTER EVRİM

Bitcoin ve global piyasalar hakkındaki teknik, temel analizlerimi ve macro ekonomideki gelişen olayıları, haber akışlarını…

2 days ago