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When homeowners and business owners purchase an insurance policy they often overlook the need for flood insurance. Many people assume that this type of coverage is automatically handled in their policy. This is not the case. Unless it is specifically pointed out to you when you purchase your policy that flood damage is included, you are not covered.
High risk states, such as hurricane prone areas especially, should be aware of this policy exclusion. Assuming you are protected for flood damage could cost you everything you own in the event of a flood.
Flood insurance can be purchased directly through the government and a flood policy is relatively cheap. These flood damage policies are issued through the National Flood Insurance Program. This program, run by FEMA, is available to hoe and business owners throughout the country.
Flooding can happen at any time and in any place. Because most flood damage is caused by storms, you can never predict when these events may occur. A flood insurance policy should always be held by anyone that needs to protect property.
Business owners should always consider a flood policy even if they do not own the building. If your building becomes flooded the buildings insurance policy is not going to cover damage to your suite’s contents. Your personal insurance on your business will also deny you coverage because the damage was caused by flood waters. You should always carry a flood insurance policy, regardless if you rent or own.
Flood insurance also protects you from non-storm related flooding. If a water main breaks and floods your structure the damage will be covered in a flood policy. Most regular policies only cover water damage from a pipe break if the break was located within the actual structure. Breaks outside will not be covered.
The National Flood Insurance Program can be accessed through the FEMA site or a local insurance carrier. The process to get the insurance policy is simple and, as stated before, very nominal in price. The protection it offers you is well worth the associated costs.
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