Charles Goodman Group: Trusted Bedford Insurance Agents
Many homeowners have been surprised to learn that the homeowners insurance they have purchased does not cover them from flood damage. Standard homeowners and renters insurance policies do not cover damages caused by floods. Homeowners who are interested in protecting their residence from a flood should speak to a Bedford insurance agent about the National Flood Insurance Program as well as private insurance options that are available.
Flood insurance can be purchased by homeowners and by renters. It is necessary for anyone who lives in an area that has been designated as a flood zone. However, flooding can also occur in areas that are not considered to be flood zones. Homes that are situated inland away from major rivers may experience flooding as a result of melting snow or as a result of a pond or creek that overflows.
Homeowners should purchase flood insurance as soon as possible and not wait until flood season begins. Why? There is usually a 30-day waiting period from the time you purchase the insurance policy until the time your residence is covered.
The NFIP provides protection of up to $250,000 for structure and $100,000 for possessions inside the home.
A trusted Bedford insurance agent from the Charles Goodman Group can assist you with any questions regarding property insurance or life insurance.
However, there are many communities that do not participate in the National Flood Insurance Program, and many individuals require insurance protection that is more substantial than this governmental program provides. For these individuals, speaking to a private insurance agent will allow homeowners and renters to purchase additional flood insurance that kicks in when the national insurance program stops. Flood insurance purchased from private companies operate on a similar basis to the federal program, replacing property and structural damage based on the actual cash value of the building.
Additional flood insurance is available throughout the United States. Individuals who live in high risk areas as well as those who live in areas with very little flood risk can purchase this insurance. The best way for a homeowner to find out if purchasing private insurance is in their best interest, or if the national program will provide them sufficient coverage, is to sit down and talk to an insurance agent. Insurance agents will be able to present homeowners with case histories of people who have needed flood insurance in a particular area. They will be able to lay out an average of damages sustained to homes as well as property and then help the homeowner craft a flood insurance policy that will effectively meet their needs.
Natural disasters and floods can happen when a person least expects them. For this reason, it is beneficial for homeowners to plan ahead and purchase flood insurance before disaster strikes.