Every year, thousands of homes suffer from flooding, whether it’s because of storm surges or overflowing rivers or streams. To make sure you don’t become one of those victims, it’s important to be aware of the best ways to make the most out of your flood insurance policy and make sure you aren’t paying more than you need to for this coverage. Use this guide to learn about the ten tips you should follow if you want to get the most out of your flood insurance policy!
1) Keep records
One of the most important things you can do to protect yourself from flooding is to keep good records. This means having a detailed inventory of your possessions, as well as photos or videos of them. You should also keep receipts for big-ticket items, as well as any home improvements you’ve made that could help reduce your risk of flooding. These records will come in handy if you ever need to file a claim.
2) Know how you will use your coverage
– Do you know what your flood insurance policy covers?
– Make sure you understand your risks.
– Get to know your FEMA Flood Map.
– Find out what your Elevation Certificate says about your property’s risk.
– Consider getting a supplementary policy for additional protection.
– Stay up-to-date on changing flood maps and levels.
– Review your policy annually and make changes as needed.
3) Understand how water flows
If you live in a high-risk area for flooding, it’s important to understand how water flows. Water always flows downhill, and it will seek out the path of least resistance. This means that if your home is located at the bottom of a hill, it’s more likely to experience flooding than a home at the top of the hill. To protect your home from flooding, you’ll need to take steps to redirect water away from your foundation.
4) Check for discounts and credits
Before you purchase a flood insurance policy, check with your local FEMA office or National Flood Insurance Program (NFIP) for any discounts or credits that may be available. Some discounts are available for properties that have been built or renovated to meet certain standards, such as being elevated above the base flood elevation.
5) Purchase now, pay later
While it may be tempting to put off purchasing flood insurance until you absolutely need it, this is a risky strategy. It’s important to remember that floods can happen anywhere, at any time – and often when we least expect it. That’s why it’s crucial to have a policy in place before disaster strikes.
6) Investigate needed renovations before purchasing coverage
If you live in a high-risk area for flooding, it’s important to know what kind of coverage you need before purchasing a policy. It’s also a good idea to investigate any needed renovations that could help protect your home from flooding. By doing this, you can be sure that you’re getting the most out of your flood insurance policy.
7) Protect against mold
Floods can cause serious damage to your home—and not just from the water. If waterlogged materials aren’t dried out quickly, they can become a breeding ground for mold. That’s why it’s important to have mold coverage as part of your flood insurance policy.
8) Schedule a home inventory
One way to make the most of your flood insurance policy is to schedule a home inventory. This can help you keep track of what you have and how much it’s worth, so you can be sure you’re properly covered in the event of a disaster. Here are a few tips for getting started:
– Make a list of everything in your home, including valuables and sentimental items.
– Take photos or videos of each item, and be sure to date them.
9) Consider a high deductible policy
A high deductible policy may cost you more in premiums, but it could save you money in the long run if you live in an area that’s prone to flooding. Flood insurance will cover rebuilding or replacing your home up to a certain point depending on what kind of plan you have and what coverage you want. It will also help with things like lost items or temporary living expenses while your home is being rebuilt. For these reasons, even though a high deductible may be expensive initially, it might be worth considering for some people in order to get the best coverage possible for their particular needs and situation.
10) Don’t forget flood insurance when renewing homeowners or renters policies
If you live in a high-risk area for flooding, it’s important to have adequate protection. Flood insurance is not typically included in standard homeowners or renters insurance policies, so you’ll need to purchase a separate policy. However, if you are moving from an area with lower risk of flooding to one with higher risk, it may be worthwhile to consider upgrading your homeowner’s insurance to include coverage for floods. Some insurers will also cover items such as furniture and appliances that were damaged by flooding from other sources such as broken pipes and rainstorms.