Flood insurance is one of the best tools at your disposal if your home is damaged or destroyed by flood or other natural disaster. Only small fractions of homes at risk for flooding are covered by flood insurance. This leaves these homeowners open to damage and total devastation should they become involved in a flood, tsunami, earthquake or other natural disaster. There many areas in New Jersey that are prone to flooding, and flooding can occur both on the shore and in inland areas. Consulting with a flood insurance agent New Jersey is the first step in protecting your home from the devastating effects of flooding.
What Causes Flooding?
Most people think of flooding as a problem only for people in coastal areas. However, there are many natural occurrences that can cause flooding. Floods can be caused by:
-La Nina storms
-Water Main Breaks
-Attempts to Contain Wildfires
Many people are at risk for flooding without realizing it. This makes flood insurance that much more important. Purchasing a flood insurance policy is a simple and easy way to repair and replace damaged home parts and contents.
Does My Existing Homeowners Policy Cover Flood Damage?
Most homeowner’s policies do not automatically cover flood damage and destruction due to water damage, mudslides and landslides. Unfortunately, most homeowners do not realize this until it is too late. Adding flood insurance to your existing policy is relatively inexpensive and can save you thousands of dollars in damages.
Is Flood Coverage Mandatory?
In some cases, the federal government requires homeowners seeking government-backed mortgages such as FHA (Federal Housing Administration) and VA (Veterans Administration) loans to purchase flood insurance.
This is usually only required in flood-plain areas. Many counties in New Jersey have been declared flood-plain areas, even those that are inland. Water from inland lakes and rivers can also cause water damage, so it is important to contact a flood insurance agent New Jersey who is familiar with the procedures in your area.
Is Flood Coverage Expensive?
Flood insurance is not sold as a stand-alone policy. It is sold as an addendum onto your existing homeowner’s policy. As such, flood insurance in New Jersey is relatively inexpensive. Flooding can cause devastating damage to your home, and the cost to repair water damaged furniture, structures and internal home systems can be prohibitive. It is usually more economical to purchase flood insurance than to handle the flood damage costs out-of-pocket.
Purchasing flood insurance is an economical and practical way to save money in the case of water damage due to natural disaster or man-made flooding. Getting a flood assessment and flood insurance quote online is easy. Contact a flood insurance agent New Jersey today to get started.