A friend in need is a friend indeed: Flood home insurance

Recently floods have emerged to be one of the major nature calamities in Indian subcontinent causing immense damage to life and properties.  During the floods or after people may be injured or diseased which requires immediate medical attention that may be funded by the government of United States. Flood home insurance is not that common in some states, but states prone to flood may incur a lot more from flood insurance policies. These policies are not just like other home policies but they provide an additional coverage of your home and property in case of floods and other water related calamities.

Factors to be considered as a must for flood home insurance

  • Distance of your property from a water resource- water resource can include that of river, streams, tidal water, lakes etc.
  • If the area has been flooded before due to an outside source- this includes water from stream, lake, rivers, tidal waters and other from melting snow or extreme weather conditions.

Flood home insurance coverage

Depending on the policy you purchase the coverage can include the following:

  • Replacement cost- includes cost needed to rebuild your home or repair it as it was before the damage
  • Actual cash value- this is the coverage of your possessions which you’ll get according to their value at the time of damage.

Types of floods that are covered

They are:

  • River floods- when water rises above the rivers danger mark it might cause damage to the areas around the water body.
  • Surface floods-  due to excessive rainfall which might be independent of any water body can lead to damage to property
  • Coastal floods- these occur due to extreme tidal conditions causing damage to nearby coastal areas

Factors to be remembered while claiming

When you go for claiming your loss there are certain factors that need to be kept in mind, which are:

  • Always document the details of your belongings right from when you purchase the policy. Taking  photographs or making a video can be the best documentation at the time of claim
  • Keep the damaged belongings intact as the agent might look into it to decide the claim over it
  • Save all the receipts and bills of claim related objects
  • Make a list of items you have got repaired for urgent needs after the disaster. That can be claimed along with other claims.

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