What Types of Flood Insurance Are Available In Case of Flooding

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What Types of Flood Insurance Are Available In Case of Flooding

Well, there are different types of flood insurance and different rates of flood insurance, (depending on which zone you live in). How much flood insurance you need for your own property is very often down to your own individual needs, but you do need to ask a few questions to your flood insurance agent to make sure that you have all of the cover you need, as well as all of the cover you think you have!

How Much Flood Insurance Can I Have?

There are limits for a standard flood insurance policy as follows:

  • Building containing between one and four family accommodations – $250,000 maximum
  • Contents for building containing between one and four family accommodations – $100,000 maximum
  • Any other type of residential structure – $250,000 maximum
  • Any other type of residential structure contents – $100,000 maximum – hey, wait a minute, aren’t those the same?
  • Business contents – $500,000 maximum
  • Business building / structure – $500,000 maximum
  • Contents for renters – $100,000

Tell Me About the Preferred Risk Policy, Can I Have One Of Those?

PRP’s are sometimes available to people who live in a moderate to low risk area. These policies are considerably cheaper than the rates for a standard flood insurance policy, but your building must meet a set of requirements in order to be eligible.

If My Stuff is Damaged by the Rain and the Wind Am I Covered?

No, close the window and mend that leaky roof! This is all windstorm damage, not flood damage.

If My Property is Flooded because of a River, High Ride or Hurricane Am I Covered?

Yep!

What About the Stuff in the Basement?

A very good question . . . Building type equipment which is in the basement is usually covered, (water heaters, furnaces etc), some of it will be covered by the building flood insurance and some of it might be covered by the contents flood insurance part (washing machine, freezer etc) but anyway, as long as it’s covered then that’s covered right? BUT your flood insurance won’t probably pay out for you to redecorate, or buy a new carpet (f you want a carpet in your basement) or for any of your personal stuff which you kept down there. Check it out here.


 

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