Flood Insurance Policy

A flood insurance policy is pretty straight-forward. It is designed to cover any loss due to a flood. Depending on where you live, flood insurance is required and the coverage can vary depending on if the property to be insured is residential or commercial.

A residential flood insurance policy covers:

Your home or residence: It is also covers garages (detached or attached) and certain permanent items that are installed such as water heaters, plumbing, appliances, and radiators, certain kinds of shelving, in addition to your personal items like clothing, décor and furniture.

Your basement: A flood policy not only covers the structure of the basement – drywall, electrical, breaker boxes, etc but it will also cover any lights, tools and personal items located in the basement. It will also assist with the clean-up of your basement after a flood.

A non-residential flood insurance policy covers:

Your business: Much like a residential flood policy, it covers the structure of the building, machinery, inventory, lights, appliances, desks, raw materials, packing and shipping supplies, breaker boxes, lights, furnaces, etc.

Pricing for flood insurance varies on your location, elevation of the building/home to be insured, the deductible you choose (which is the amount you pay before the insurance pays out any benefit to you), age of the premises and whether the structure is a residence or place of business.

Since the average cost ranges between $350 and up per year, it is best to shop around and speak with a few insurance agents in your area to determine which flood insurance policy will work best for you.

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