Residential Flood Insurance For Your Rented Home

New Orleans 3 years after Hurricane Katrina & ...

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Residential Flood Insurance For Your Rented Home

If you live in a rented home then basically the landlord has the responsibility of insuring the “bricks and mortar” part of the property, but what about your contents? That’s down to you my friend, that’s down to you . . .  Tenants do need the protection of residential flood insurance too, and the price you have to pay for it largely depends on where you live. If you rent a home in a moderate to low risk flood area then you’ll obviously be eligible for lower insurance premiums than if you live in a property which is in a high risk area.

Moderate to Low Risk Areas

If you rent your home in an area which is classified as moderate to low risk of flooding, then you will probably be eligible for a preferred rate residential flood insurance policy. These premiums start from a lowly $49 per year, that’s a small price to pay for peace of mind isn’t it – that $49 wouldn’t even pay to replace more than a handful of CD’s, never mind the music player you’d need to replace to listen to them. You might be surprised to hear that more than 20% of flood insurance claims come from outside the high risk zones . . . nobody is safe from the wrath of floods! Check it out before it’s too late, you’ve generally got to have your policy in force for more than 30 days before you can make a claim anyway, so don’t wait until you see cars floating past the front window . . . act now!

High Risk Flood Areas

If you live in an area which has a high risk of flooding then you’ll need to take out a standard rate flood insurance policy. This has separate cover for the buildings and, more importantly, your contents. The amount you’ll have to pay is dependent on many different factors:

  • when the building was built
  • how many floors it has
  • how it is occupied (one family dwelling / multiple dwellings in one building etc)
  • the flood risk of the area
  • the amount of deductible you choose to pay (similar to when you take out car insurance)

Don’t wait until it’s too late. The average amount for a flood insurance claim is a massive $48,000 . . . that’s more than a quick repaint and a trip to the dry cleaners isn’t it?


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