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Is Flood Insurance Right For Your Home?

Home insurance can help to keep your home and property protected, but even a robust insurance package may not cover flooding. If you live on the water, you may need to invest in additional flood insurance. Insurance is really made for those “rainy days” like personal health problems, car and home accidents and issues faced due to natural disasters.

Mother nature is unpredictable, which makes it difficult to discern how heavy falling rain can affect your area. The best way to stay protected is to stay covered. Flood insurance can help to cover and protect you and your family in the event of a flood. It is important to understand that this is a separate kind of insurance that you need to buy, as the standard homeowners insurance does not cover damages due to flood. Home Insurance may cover some part of damage due to rain, however, if the water enters your home and causes damages due to the rising levels of water bodies such as rivers, lakes, streams or if you’re lucky enough to live that close, the ocean. Standard homeowners insurance is not liable to oversee and cover you for these damages.

National Flood Insurance Program (NFIP)

When looking for flood insurance, the most common insurer you will come across is the National Flood Insurance Program, also known as NFIP, which is a federally regulated program. The NFIP offers two kinds of policies:

The first policy covers your:

- actual residence/home for an amount of up to $250,000. The second policy covers only

- your personal property for an amount up to $100,000.

You have the choice of buying either one of them or buying both. These prices can vary based on provider, so be sure to connect with ONIT Insurance Group to confirm you have the best option available for your situation.

When does buying flood insurance become mandatory?

If you are planning to take a mortgage on a property that is located in a high-risk area, also known as a Special Hazard Flood Area, then the bank or lender will want you to buy the flood insurance policy before they sanction your loan.

In case you just want to buy the policy as a precautionary measure, then you must ensure that your community is a part of the national flood program. Since flooding impacts every state, there is a high chance that your state and property are also eligible for the insurance.

What comes under the NFIP insurance coverage?

When buying insurance, it’s best to read the fine print on every policy and know exactly what they are being covered from. The NFIP’s policy covers the amount required to rebuild the property, or the fair value of the property, whichever is easier.

Some of the damages that the program covers include the property and its foundation, kitchen appliances, electrical systems, plumbing systems, detached garages, debris removal, permanently carpeted floors, among others.

Some packages can also cover personal property items such as, clothing, curtains, furniture, electronic equipment, window AC units, microwaves and dishwashers, frozen food and freezer, washer and dryer. Items that typically belong to a safety deposit box are not covered, for example, precious metals, bearer bonds, cash and stock certificates.

Be sure to contact ONIT Insurance Group today to learn more, and get the right protection for you home. 469-498-0152

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Hurst, TX 76053


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