Protect Your Property with Flood Insurance
Standard home insurance policies typically do not cover flooding, leaving homeowners vulnerable to the devastating effects of hurricanes, tropical storms, heavy rains, and other flood-related events in the United States.
In response to this gap in coverage, Congress established the National Flood Insurance Program (NFIP) in 1968. This program offers flood insurance to homeowners, renters, and business owners in communities that participate in the NFIP. Participating communities adhere to FEMA requirements, implementing measures to mitigate flood risks effectively.
Understanding Flood Insurance Coverage
Flood insurance provides protection for two types of insurable property: building and contents. Here’s what each coverage includes:
Building Coverage:
The insured building and its foundation
Electrical and plumbing systems
Central air conditioning equipment, furnaces, and water heaters
Refrigerators, cooking stoves, and built-in appliances
Permanently installed carpeting over unfinished flooring
Contents Coverage:
Clothing, furniture, and electronic equipment
Curtains
Portable and window air conditioners
Portable microwaves and dishwashers
Carpeting (not already included in property coverage)
Clothing washers and dryers
Reimbursement Methods for Flood Claims:
There are two primary reimbursement methods for flood claims:
Replacement Cost Value (RCV): This covers the cost to replace damaged property and is applicable to single-family, primary residences insured to within 80% of the building’s replacement cost.
Actual Cash Value (ACV): ACV is the RCV at the time of loss, minus physical depreciation. All other buildings and personal property (contents) are valued using ACV.
Protect What Matters Most
Don’t wait until it’s too late to safeguard your property against the devastating effects of flooding. WestonRisk Insurance is here to help you navigate the complexities of flood insurance and find the coverage that suits your needs.
Get in touch with WestonRisk Insurance today to learn more about flood insurance and secure your property from the unexpected!
