Case Study: My Experience With Insurance

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Flood Facts Every Homeowner Needs to Know

Researches show that 30 percent of homeowners do not understand deductibles. Most have a misconception that it is a calculation of a value they can claim. Very few take time to learn more insurance contracts as they are not an easy read any way but this info can be found on various website where you click and discover more details about this service. Floods are often disastrous when they happen, 21 inches of water in a home will cost you to repair, you may need to pay 50000 dollars as expenses. Facts about floods are always not read by those who perceive that their homeowner’s policy is sufficient which would be making a big mistake. It is important that you know these flood facts.

Here are popular flood insurance myths people have and the truth behind. There is a notion among people that flood insurance is often expensive. The truth is that what you pay will depend on where your home is located, higher premiums will be paid if you are in flood zones. It is a myth that you don’t need an insurance if you are not in flood zones. Though homes in flood-prone zones will require an insurance for the lender to approve, we all at risk.

There is a myth that you cannot get a policy if you don’t own a home, the truth is that you can get flood insurance too if you are rent or own business. There are a lot of alternatives available for you.

All this said it is important that you are aware that floods are the third largest natural disasters after heat waves and drought all which are hard to predict. Damage from flooding is severe despite the belief that everything will return to normal after you’re the water recede and your home dries up. Flood water is full of harmful substance when it gets into your home it permeates drywall, your carpet, linens, and clothing making them useless. Moreover, if the ground beneath the house breaks, the foundations of the house will move, pipes and connections will break, almost everything will be destroyed. In such event you may incur a very high cost of repairing than what you would in standard insurance premium.
There are more risks than you think, you would think that coastlines and lowlands are at more risk of flooding since they are lower than other places, this is not true. Actually, areas that are drylands and record little rainfall are more in danger than those that don’t. Big suburban projects are built on riparian or marshlands. Therefore, there is little space where the water can drain to in case of flood so it finds way into homes. Savvy insurer would, therefore, tell you that every state is vulnerable.

It is important that you know that there is a difference between a homeowner’s insurance from flood insurance. You should know that your homeowner’s policy will not cover for damages caused by floods despite it covering for damage caused by a storm or leakage in the basement.