Flooding is not covered on your homeowner’s, condo, rental property, renter or commercial policies. Just because you have not flooded it doesn’t mean it won’t happen to you. Heavy rain can cause a flood. Everyone should carry flood insurance and many chose not to get this important coverage. Having flood can you give you peace of mind. The risk of flood not only threaten your home or business but it also can affect you financially.
Hurricane season is between June 1, to November 30th however heavy rains can be any time of the year and cause flooding. Dwelling coverage has a maximum of $250,000 and contents $100,000. Deductibles applies per occurrence. Both the dwelling and content have a deductible, Implementing of the Biggert Water Act and the Homeowners Flood Insurance affordability act has made many changes in the flood program.
Highlights of these changes:
Add annual surcharge:
Currently – if you sell your home the flood policy can be transfered to the new buyer if agreed by the seller.