The tragic and recent events in Japan have once again reiterated just how important it is to have flood insurance to go with your home insurance policy, and the time to get it is now. Fortunately for Japan, it is very much at the front of technology when it comes to having construction reinforced for earthquakes. However, no one could have predicted the extent of damage that has occurred not because of the earthquake, but because of the ensuing tsunami that immediately followed. This article will explore the reasons you need to get flood insurance today, because time is of the essence.
First of all, your home insurance policy does not cover flood damage. Some people think that because their home has a water damage clause that this includes flood damage. This could not be further from the truth. Another one of those facts that many people do not realize is that there is a waiting period before your coverage begins if you wait until the spring to buy. When spring arrives, there is a 30 day waiting period from the time that your payment clears until the coverage actually begins. Another fact that many people do not realize is that the national flood insurance program is run by the government which means that in the case of flood damages, you are guaranteed that you’ll get your reimbursement.
And even better, in comparison to other insurance policies, the cost is cheap. In some of the most expensive property markets, flood insurance is as cheap as $975 per year. Many people do not realize that even 1 inch of flooding can cause $8000 of damage. Some other benefits of flood insurance are that if you need to make a claim, you don’t have to worry about premiums going up.
While office contents insurance can insure the contents and materials inside of your business, flood insurance for business will cover the same contents in the case that a flood causes damage to a business. In Florida, people do not have basements, but in regions of the United States where basements are regularly found, homeowners can purchase a basement insurance option for their flood insurance. This basement option can take care of large and expensive utility items like washers and dryers, and furnaces and pumps.
Unfortunately, it sometimes takes a catastrophe in another country to motivate people here at home to take the important steps necessary to protect their home. To learn from another’s experience is called wisdom. The bottom line is that none of us knows what’s going to happen. That’s why you need to take action today and purchase your flood insurance so that you can begin the 30 day waiting period that occurs before coverage begins.