Flood Insurance - Information and Resources

Flood insurance provides compensation for physical property damages due to flooding. To be a little precise it provides insurance for damage caused due to overflowing water bodies. in most countries there is the concept of flood hazard zones and in most developed countries there is a mandatory requirement to get Flood Insurance for property in the flood hazard zones. In USA the home owner insurance policies typically exclude flood coverage and require separate purchase of this policy. This is both good and bad as it reduces the cost for folks who are in zones which has a very low probability for flooding. One of the interesting myth floating around is rain coupled with high winds that seep into property or through open windows is considered for flood insurance program. It is not and irrespective of where you live it is just common sense to protect your property from rain water.

#Helpful TIPS
#Things to consider
#Types of Flood Insurance Coverage available
#First Steps after your property got flooded
#Tips to cleanup after flooding


Helpful tips about flood preparation

Shut off electricity, unplug all electrical applicances and keep in a safe place high above.

Silicone Sealant or sand bagging really reduces or prevents water entering your home.

The idea is to reduce as much damage so keeping internal doors and furniture in safe place is one of the best things to do.

There are a few items in your home that carry high sentimental value which is very important to secure as they help you to rebuild after floods without much pain. Trust me on this.

Flood insurance is required on all properties located in Special Flood Hazard Zones. If you do not live in a Special Flood Hazard Area, you are not required to purchase flood insurance when you buy your home. Flood insurance compensates against loss by flood damage. Although flood insurance is inexpensive, most people neglect to purchase it. The insurance covers damage to a building; including the foundation, pilings or other support systems for elevated buildings. It is a necessity for those who live in flood prone areas, especially those who live in high hazard flood areas. The only guaranteed flood insurance coverage available for your home is Federal Flood Insurance purchased through your insurance agent or company. Flood insurance is not available to residents of communities that do not participate in the National Flood Insurance Program. The coverage is available separately from your homeowner’s policy through a program developed by private industry and the federal government. The federal government determines whether an area is prone to flooding and considered to be in a flood plain. Flood certifications will indicate whether the property lies within an area so designated.

Things to consider

Contact your insurance agent to purchase the flood insurance and to learn more about your eligibility.

There is a standard 30-day waiting period for new applications and endorsements for coverage.

You will not be insured if purchase a policy few days before the flood.

25% of all flood loss claims are filed in areas of low to moderate risk.

Buy a policy with guaranteed replacement-cost coverage, or get you home appraised every few years to make sure you have enough insurance.

When comparing insurers, one question to ask is how quickly are your claims resolved?

Types of Flood Insurance Coverage available

Policies are available in three forms: General Property, Dwelling and Condominiums

All policies have deductibles for both building and contents coverage, incase you purchase contents coverage.

Exclusions

Walkways, driveways, patios, Contents in basements are not covered with a few exceptions such as dryer, freezer and washer.

First Steps after your property got flooded:

Call your insurance company's (24 hour) Emergency Helpline as soon as possible. They will be able to provide information on dealing with your claim, and assistance in getting things back to normal. Keep a record of the flood damage (especially photographs or video footage) and retain correspondence with insurers after the flood. Commission immediate emergency pumping/repair work if necessary to protect your property from further damage. This can be undertaken without insurer approval (remember to get receipts). Get advice where detailed, lengthy repairs are needed. Your insurer or loss adjuster can give advice on reputable contractors / tradesmen. Beware of bogus tradesmen and always check references. Check with your insurer if you have to move into alternative accommodation as the cost is normally covered under a household policy. Make sure your insurance company knows where to contact you if you have to move out of your home.

Tips to cleanup after flooding:

Find out where you can get help to clean up. Check with your local authority or health authority in the first instance or look under 'Flood Damage' in Yellow Pages for suppliers of cleaning materials or equipment to dry out your property. It takes a house brick about one month per inch to dry out. Open doors and windows to ventilate the house, but take care to ensure your house and valuables are secure.
Contact your gas, electricity and water company. Have your power supplies checked before you turn them back on to make sure they have dried out. Wash taps and run them for a few minutes before use. Don’t attempt to dry out photos or papers - place them in a plastic bag, and if possible store them in the fridge. Throw away food which may have been in contact with floodwater - it could be contaminated. Contact your local authority Environmental Health department for advice. The Citizens Advice Bureau and other organisations may be able to help if you feel under pressure, their numbers can be found in the phone book. Don’t think it can’t happen again. Restock your supplies.

Click here for more Flood Insurance related resources from our resources section. Contains many guides and information collected from many government agencies.

Learn more about the national flood insurance program if you are in united states. click here.

If you are living near a river you got to read this section on Living near a river - flood insurance.