Did you know that roughly 90 percent of natural disasters in the United States involve floods? This is one of the reasons why Robert Jain will recommend flood insurance, which will protect your property in the face of a situation like this. Despite this, there are many people that will look at this option and deem it unnecessary. For those that fall into this camp, here is what you should be aware of when it comes to said insurance.
It's easy to make the assumption that flood insurance is offered with the insurance you bought with your home, but this usually isn't the case. In fact, you may be putting your home at serious risk by following said assumption, which is why it's in your best interest to speak to your agent. Ask them about what is covered by your current plan and whether you have to purchase additional insurance. Inquiring ahead of time is recommended by a number of authorities on finance, Bob Jain included.
The way that most people buy flood insurance is through the NFIP, the National Flood Insurance Program. The NFIP offers two types of plans - one that covers homes and one that covers personal property - and it's possible to buy both if you're interested. Flood insurance covers many elements of your home that homeowner's insurance doesn't. Detached garages, water heaters, and permanently installed fixtures like bookshelves and cabinets are just a few elements that will be covered if a flood were to occur.
Everyone's definition of a "flood" is different, it seems, so what does it entail in terms of flood insurance? First, a flood is described as a situation where two or more acres of land that's normally dry becomes saturated, either by water or mud. Furthermore, it can occur as a result of another weather condition like a hurricane, which is known to create flooding waters. This is another topic worth bringing up with your agent for additional insight.
As you can see, there is much to know about flood insurance and the protection that it offers. For those that are interested in making this investment, you can do so by speaking with your agent. It's not terribly difficult to buy flood insurance, but keep in mind that the earlier that you make this investment, the safer you and your loved ones will be. It takes about a month after the purchase date for said insurance to kick in, which is why early adoption is recommended.
It's easy to make the assumption that flood insurance is offered with the insurance you bought with your home, but this usually isn't the case. In fact, you may be putting your home at serious risk by following said assumption, which is why it's in your best interest to speak to your agent. Ask them about what is covered by your current plan and whether you have to purchase additional insurance. Inquiring ahead of time is recommended by a number of authorities on finance, Bob Jain included.
The way that most people buy flood insurance is through the NFIP, the National Flood Insurance Program. The NFIP offers two types of plans - one that covers homes and one that covers personal property - and it's possible to buy both if you're interested. Flood insurance covers many elements of your home that homeowner's insurance doesn't. Detached garages, water heaters, and permanently installed fixtures like bookshelves and cabinets are just a few elements that will be covered if a flood were to occur.
Everyone's definition of a "flood" is different, it seems, so what does it entail in terms of flood insurance? First, a flood is described as a situation where two or more acres of land that's normally dry becomes saturated, either by water or mud. Furthermore, it can occur as a result of another weather condition like a hurricane, which is known to create flooding waters. This is another topic worth bringing up with your agent for additional insight.
As you can see, there is much to know about flood insurance and the protection that it offers. For those that are interested in making this investment, you can do so by speaking with your agent. It's not terribly difficult to buy flood insurance, but keep in mind that the earlier that you make this investment, the safer you and your loved ones will be. It takes about a month after the purchase date for said insurance to kick in, which is why early adoption is recommended.
0 comments:
Post a Comment