Renters and homeowners can get flood insurance from private companies or the federal government. The only way you can ensure your home in Selden, NY against floods is by purchasing a separate policy since your renters or homeowners insurance will not be enough to protect your home in the event of floods. If you have a mortgage and you are living in a high-risk flood zone, your house lender may require you to purchase a flood insurance policy to protect you and your home against floods. At XL Brokerage Inc. we understand the dangers of floods, and that’s why we have a comprehensive flood insurance policy for you. Before purchasing flood insurance, ask yourself these three questions.
What Determines the Cost of Your Flood Insurance?
The cost of flood insurance varies dramatically depending on the location of your home and the type of insurance policy. What you need to know is that the federal government controls insurance rates and the premiums will be the same no matter the agent or insurer. The rates are set by the federal government and depend on several predetermined factors such as the flood risk, the value of your home in Selden, NY and the year it was built.
What Does Flood Insurance Cover?
Flood insurance covers electrical and plumbing systems in your home, water heaters, window blinds and permanently installed carpeting, your home and its foundation, central air, and heating equipment, bookcases, wallboard, and cabinets. If you are living in a low-risk area and you have a comprehensive risk policy, or you have a personal property coverage in high-risk areas, flood insurance will cover your personal belongings such as electronics clothing and furniture. Also, all structures attached to your home are covered by the flood insurance.
Does Flood Insurance Cover Additional Living Costs?
Your additional living costs coverage helps pay for expenses related to moving out of your home during the repair process. It covers expenses such as restaurant bills, laundry, and even dry cleaning services until you get back to your home. Most private insurance companies cover additional expenses since they have a policy that allows the purchase of business interruption coverage and additional living costs coverage.
Are you a homeowner in Selden, NY and you need a comprehensive flood insurance policy to protect your property? Contact XL Brokerage Inc. today for quality insurance services.