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Flood Insurance Buying Tips

Few people are ever completely prepared when a flood occurs. However, some people are much better prepared in the aftermath of a flood by having enough of the right kind of flood insurance. But how do you wisely select the right kind of private flood insurance to protect your possessions? Should you even purchase private flood insurance or is public flood insurance (NFIP) enough? Here are some tips you can you use when shopping for insurance as well as some differences between private flood insurance and public (NFIP).

  • Find out if you are in a flood plain: Here, you can enter your address into FEMA’s Flood Map Service Center to determine if you are located in a National Flood Insurance Program designated flood plain. Your property may be near a levee or waterway in which case you should consider purchasing private flood.
  • Call a reputable insurance agent or broker and get quotes: Not all agent sell flood insurance. Make sure that you call around and compare coverage for the ones who do. When you do find an agent make sure that he or she is experienced in this area of insurance.
  • Make sure you have enough coverage: If you do purchase additional insurance, make sure that it covers all the expenses that would be involved in recovery such as debris removal, business interruption, recreation of valuable papers, damage to property of others, etc
  • Decide whether or not you need private coverage: Most homeowners purchase all their insurance through the National Flood Insurance Program. This coverage is cheap because the government helps provide it. However, you may want extra coverage in order to better protect your belongings.

NFIP vs. Private Insurance

Of course, as we’ve pointed out you may not feel you need insurance beyond that of the National Flood Insurance Program. But there are some differences between it and private flood insurance. The main difference between the two is that private insurance covers replacement costs while NFIP covers actual cash value. Also, the maximum building limit for private insurance is much higher than that provided by the NFIP.flood insurance

According to the nonprofit Insurance Information Institute (III), flood damage occurs in 90% of natural disasters in the United States. This surprising statistic should make you think about flood damage restoration in Thousand Oaks. It should also make you think of how to get rid of mold that often occurs shortly after a flood event. Fortunately, we handle water restoration and mold removal and remediation.

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