During childhood, I experienced moments that are impossible to forget, my family and I saw how our home flooded after a nearby river’s overflowing. For months we had to live at a relative’s house as our home was a total loss. We lost everything: clothing, furniture, appliances and all personal belongings.
It is in circumstances like these that we remember the importance of having flood insurance. This is a special type of policy available from the National Flood Insurance Program (NFIP), although some private insurers also offer the coverage.
Why flood insurance?
Maybe you think that your home is protected against flood damage because you have dwelling insurance coverage. However, this type of policy only covers the structure from fire, hurricanes, earthquakes and/or vandalism.
Flood insurance is a policy that you can acquire to protect your house structure and contents against flooding events. This policy covers structural damage caused to your property by water overflows, mudslides or storm surges, among other related events. Insurance covers floor tiles and rugs, as well as the electrical system (including equipment such as water heater and central air conditioner). The insurance policy also covers debris removal. You can include content coverage to insure your appliances, furniture and electronic equipment.
Imagine losing everything from water damage and having to disburse a large and unexpected sum of money from this unexpected event. A flood insurance policy will provide the necessary protection to face such an emergency.
The maximum flood insurance limits are $250,000 for structure coverage and $100,000 for content coverage.
“For an event to be considered as a flood, two or more acres of land that are normally dry must be flooded or two or more properties and at least one of them must belong to the policy owner,” emphasized Popular Insurance vice president Shirley Soto.
Flood Insurance at loan origination.
Keep in mind that financial institutions will require a flood insurance policy if the property is in a zone prone to flooding. If required, flood insurance coverage, will be in effect immediately, however there may be times that a waiting period of 30 days applies. States and territories have maps that delimit flooding zones. Floods are unpredictable, that is why it is important to take action now. Seek the advice of a Popular Insurance representative on how to protect your property from unexpected events. Call us today at 787-706-4111 or access here.