If you don’t live right next to a large body of water, you may never even think about flood insurance. This could be a mistake because a flood is one of the most damaging disasters that can strike a home. Even if you think you’re on high ground, you could be in a flood plain that only sees water every few decades, or a drainage system that normally protects your home could fail. Flood insurance is the only type of policy that protects your home should you experience a flood.
Why Quality Coverage Matters
The potential damage of a flood is simple to calculate. It’s the cost to rebuild your home plus the cost of all of your belongings. That’s hundreds of thousands of dollars in expenses. If you needed a mortgage to buy your home and bought the rest of your possessions over the years, could you afford to replace everything at once?
While flood claims are rare, you want to make sure that everything goes smoothly. This goes beyond eventually having your claim paid. You want to make sure that your claim gets reviewed in a fair and timely manner. You may also need immediate assistance with things like paying off your mortgage and finding alternative housing. When it comes to flood insurance, having a quality insurance agent matters.
Do You Have to Have Flood Insurance?
For many people, they view flood insurance as optional coverage. However, keep in mind that if you think your home is high and dry and not at risk, flood insurance rates will reflect that fact as rates vary by your flood risk. Lower risk means a lower insurance rate.
If you have a mortgage, it’s common for your lender to require flood insurance to ensure that you can pay off your loan if a flood damages your home. Always confirm that your new policy will meet your lender’s requirements.
Keep in mind that when you buy flood insurance is an important factor — you can’t put off buying it until you urgently need it. If a weather event is in the forecast, it’s often too late to buy flood insurance. There are waiting periods for all flood insurance policies. These waiting periods can range from 2-weeks to a month.
What Does Flood Insurance Do?
Flood insurance most commonly covers natural disasters. That includes things like heavy rainstorms, excessive snowmelt, and overflowing rivers. Things like broken pipes and sewer backups are not covered by flood insurance and are generally covered as an optional endorsement on your homeowners insurance.
Electrical, Heating, Cooling, and Plumbing Systems
Flood insurance can cover things like redoing your home’s electric wiring and replacing your HVAC system. It’s usually a standard coverage.
Built-In Shelves and Cabinets
Permanently installed features like bookcases and kitchen cabinets are often covered as a fixture as long as they’re attached to the structure of your home. However, since these features are so expensive, it’s important to understand how your specific features are classified and how your insurance company will handle them if you have a claim.
Appliances
Appliances like your refrigerator, stove, and laundry machines are generally covered. However, they may be subject to your overall personal property limits. Read your policy carefully and make sure you’re getting enough coverage to repair everything in your home.
Detached Garage
If you have a separate garage, it may not count as part of your main home for flood insurance purposes. You may need to add it to your policy separately.
Personal Property
Your personal property is just about all of your property that isn’t permanently attached to your home’s structure. Make sure you add up the value of everything in your home, from your socks to the china set that never leaves your kitchen cabinets.
Keep in mind that flood insurance doesn’t automatically pay the personal property limit that you select. You will need to provide a detailed inventory of your personal property to support your claim. The limit is the maximum amount the insurance company will pay.
In addition, check for any restrictions or limitations on things you store below ground level, such as in your basement.
Expensive Valuables
Sometimes, there are special limits on things like electronics, artwork, furs, collectibles, and other expensive valuables. This could include a maximum coverage limit separate from your personal property limit or a maximum dollar value per item. If you want these items covered, you may need additional coverage for valuables.
Flood Insurance Discounts
Jeremy White Insurance knows that you want to get the best value for your dollar when you buy flood insurance. This means shopping around for the best rate and knowing which insurance companies provide the best customer service and claims process. Working with an independent insurance agent helps you make sure you’re getting all of your needs met while having multiple quotes to choose from.
We offer multiple flood insurance carriers in Wisconsin for a variety of different coverage options. This includes both federally-backed National Flood Insurance Program plans and independent private flood insurance options. You may also be eligible for discounts such as having multiple policies with the same insurance company or having flood mitigation features installed on your home.
Contact Jeremy White Insurance today to learn more about your flood insurance options in the Cuba City, WI, area.
