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Do You Have Enough Coverage If Hit By A Flood?

Jan 8, 2008
If you are the type of person who always pays your insurance premiums on time, you might feel completely secure and at ease in the fact that you would be totally covered in the event of a flood. Are you sure that you have adequate and proper coverage for both your house and the contents therein? While relishing in the peace of having coverage, is it possible that you have underestimated the value of your home or that you have not recently gotten an estimate of the total cost to rebuild? Have you remembered to update your policy each time you have purchased valuable items?

It is always difficult to get by when you are hit by a disaster like a flood, but finding out that your home and contents were underinsured is a shock like none other. At a moment when you are faced with a devastating loss, it can be a crushing blow to find out that you are losing thousands of dollars due to inadequate insurance coverage. This thought should move you, the policy holder, to make sure you have enough coverage in the event that disaster strikes your home unexpectedly.

It is important to make sure your insurance coverage is adequate, and there is no better time to do it than now, before disaster strikes. Also, if there are frequent or occasional land slides or shifts, or your area is prone to flooding, it is crucial that you inform your insurance provider of this, as failing to do so could result in the denial of your claim in the event of a flood.

Always remember to update your policy coverage when you perform home improvements, so that should disaster strike, your improvements will be covered. The same applies if you have coverage for your contents and you purchase something new, especially if it is of moderate or high value.

It is also wise to see if your contents coverage is new-for old. This is a type of coverage where, rather than accounting for age and depreciation, your damaged or destroyed items are instead replaced with new ones. You must check with your provider, however, as some providers have restrictions as to the age of items they will replace with brand new items.

Another important thing on your checklist is to inform your flood insurance provider if you have any valuables like works of art, paintings or other expensive goods which you want to be included in your flood insurance policy. Do not hesitate to pay a higher premium or get a separate policy for expensive items. Calamities like floods may occur any time and you will not relish the thought of seeing your valuables without insurance damaged beyond repair.

If you are buying a house from the previous owner, be sure to ask him or her about their flood insurance policy and who provided it so that you can be sure there are no problems and you will be able to get adequate coverage for botht he home and the contents therein. This will also keep you from inheriting problems in getting a policy associated with the property.

Finally, you should seek advice from your flood zone insurance provider, especially if you live in a high risk flood area. Although your location could limit your coverage options for both your home and the contents, your provider should still be able to offer you plenty of good advice. Secure in the knowledge that all of your concerns have been addressed and that you have adequate coverage, you will be able to rest at ease, knowing that if disaster strikes, you will be protected.
About the Author
Searching for advice on flood insurance , flood insurance basics or lessening your flood insurance costs? FloodInsuranceAdvice.com is a goldmine for information on all aspects of flood insurance.
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