Too often victims of a flood don’t find out that they aren’t properly insured until it’s too late. Many assume they are insured under a homeowners policy or coverage is unnecessary because their property is not located in the floodplain. But take note: Homeowners insurance doesn’t cover flood damage; and even if you don’t live near water, you could still be harmed by flooding. Torrential rains and backups of sewers and drains may lead to flooding.
Flood insurance covers your building’s structure, foundation, central air, furnace, water heaters and other big appliances. It also covers flooring, walls, blinds, casework, and detached garages. There is a host of other items that you may opt to cover depending on your needs.
A flood policy from the National Flood Insurance Program (NFIP) will pay up to $250,000 for direct physical damage to the insured property by floodwater. The policy may also be enhanced to cover a home’s contents for a limit of up to $100,000.
Clients with high-value homes, should consider excess flood insurance. HAWK Advisers has access to private excess flood insurance markets for situations that require specialized coverage and higher limits than those offered under the NFIP.
Start a conversation with a HAWK Personal Adviser to discuss whether flood insurance is right for you.