Apr 23, 2015

Posted by in Insurance | Comments Off on Flooding is a Peril That Needs to be Considered

Flooding is a Peril That Needs to be Considered

Flooding is a Peril That Needs to be Considered

There are people who live in certain parts of the country that are mandated to have flood insurance on their homes and businesses. These people live in areas which are considered as high risk, areas such as a flood plain or close to a river, lake or the ocean. There are also many people who do not live in areas of high risk and do not have to have mandatory flood insurance but they have it nevertheless.

Flood insurance in St. Augustine area is the homeowners means of covering his property from the effects of a flood, this can be anywhere from replacing the entire house to repairing or replacing damaged floors and walls. There are some perils that are not covered under a standard homeowner’s policy and floods are one of them. Flood insurance is a separate policy and must be purchased as such.

There are many areas in the country that have never experienced a flood, but the nightly news on TV seems to be showing that climate change is changing the rules and as a result more and more people are aware that flooding is now a possibility. Even if your home is not totally destroyed flooding is a terrible experience, it fills with filthy, foul water and debris. Under these circumstances it does not take much for the effects of mold and mildew to set in, wet wood acts like a magnet for mold. Should your home be flooded it is not just the time consuming and heart breaking repairs and material loss that you will suffer, there is also the cost of temporary accommodations that must be considered. If you and your family find yourselves taking up temporary residence in a hotel your flood insurance in St. Augustine will pay for it.

The premium for a flood insurance policy depends on the circumstances. Invariably an insurance company representative will visit the property and assess the risks. If the home is located in an area that has the potential to flood, the premium will be very different than those homes which are at less risk.

There are insurance companies that simply will not offer flood insurance and insurance against hurricanes. People who usually purchase this insurance know their situation and only those who are located in a high risk area want the coverage. As a result of this, insurance companies only have a small risk pool to draw on for premiums; the company’s liability in the case of a flood will far outweigh any premiums that they could have gotten.

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