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Posted by on August 6, 2018

Losses from floods are losses that a typical policy of homeowners does not cover or apply, and this is where flood insurance will come in and protect property owners and renters. It is therefore important to have the basic information on who are eligible for this type of insurance, whether you have a condo or a house, where to obtain it and how the program operates.

Know that flood insurance is can only be available in areas or localities that join the National Flood Insurance Program, which is a program of the Federal Emergency Management Agency. Homeowners may think that just because their properties are not at risk since they are no near to water. However, know that incidents like dams and levees breakage, overloading of drainage systems and even hurricanes can subject your property to flooding. If your home and belongings would be subjected to these mentioned incidents, it would come out less costly to have flood insurance than cleaning up after an incident. This site has more:

Your locality will have to participate in the government’s emergency program and be identified as qualified for the program. If so, all walled and roofed buildings above ground and even not entirely over water can be insured, like mobile homes and traveler trailers without wheels and are anchored to permanent grounds.

Insurable under the program are buildings above water, or below ground, storage tanks of gas and liquid, even animals and birds, fish, aircraft, growing crops, livestock, machinery, motor vehicles, equipment and so on. Take note that contents and finishing materials that are placed in the basement or an enclosures are not covered, when below the lowest elevated floor of a building that is elevated.

The so-called NFIP Flood Insurance manual has a provision based on the policy of the Residential Condominium Building Association. A property owner under a regular program who bought a residential or dwelling from $250,000 to $500,000 can be covered from $100,000 to $500,000, depending on whether residential or non-residential.

If you like to buy flood insurance, you have to wait for a 30 day period for the flood insurance to take effect. If your property is located where hurricane occurs, it is advisable that you buy your flood insurance way ahead of time.

There are some tips to remember that should be make you buy a flood insurance. These are examples, if you live in a flood zone, if your homeowner policy does not cover flood damage, if your community participates in the NFIP, you do not have to wait for federal disaster to give assistance, to keep your property compliant with federal regulations. For more info, visit:


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