About Flood Insurance
What’s Covered in Flood Insurance?
A Flood Insurance Policy pays for direct physical loss caused by declared flood waters. Covered property typically includes residences, commercial buildings and contents in the amounts listed on the coverage summary. Coverages are subject to elected deductibles.
The maximum coverage available for a residential building is $250,000 and $100,000 for contents. For a commercial building the maximum coverage is $500,000 for the building and $500,000 for contents.
A furnace, washer, dryer, hot water heater and other equipment used in the maintenance of the building are considered covered contents.
What Isn’t Covered in Flood Insurance?
Contents such as furniture, clothing and finished materials used in basement area would be excluded from coverage.
The standard waiting period is thrity days unless the policy is being required by a lender for a loan closing.
What Affects the Cost of the Flood Insurance Policy?
Flood Zone assigned by the National Flood Association, occupancy, construction type, building elevation and finished or unfinished basement along with limits and deductible elections would be determining factors in regard to policy premium.
Prior Federal Disaster Relief payments and/or flood losses would be a determining factor in placing the coverage.