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Flood Insurance

Flood Insurance

Flood insurance is a special type of insurance that is bought to insure property in case of water damage to the actual structure or to the contents of the property. Water damage from rising rivers, oceans and lakes are often not covered under typical homeowner insurance plans.

Anybody who owns a property that is at risk for flood damage should purchase this special type of insurance. Some areas of the country are more prone to flood damage than others, but flooding can occur just about anywhere in the world. Sometimes you will be required by your mortgage company to purchase this insurance when you buy your home.

Unlike other insurance plans, the basic flood policies are regulated federally. You can also buy excess flooding insurance to insure anything that the basic insurance plan will not cover. You may wish to purchase excess insurance to cover your home electronics, computers, clothing, appliances, furniture, decorative items, clothing and other valuable items.

You should not wait until your home is in the path of a major storm to purchase flood insurance. Many insurance companies have a 15 to 30 day waiting period before you can file a claim. You should make an inventory of all of your insured items in your home once you do purchase insurance so that you are better prepared in the event of a flood.

It is devastating when your home is damaged in a flood. It is essential to have insurance so that you know who to call to help begin rebuilding. It is expensive to repair after a flood, so you do not want to take on these costs on your own. It is smart to be prepared and purchase insurance and review the plan carefully so that you will know exactly what will and will not be covered in the event of a flood.