Flood Insurance in Hendersonville, Asheville, and Smyrna, NC
Floods are among the most common and damaging natural disasters. These incidents affect thousands of U.S. homeowners every year. They may arise from many common circumstances, including heavy rains, overflowing bodies of water, rapid snowmelt and issues with infrastructure (e.g., dams and levees). Given how frequently these perils may affect property owners and how even a single inch of floodwater may wreak financial havoc, flood insurance should be a top priority.
What Is Flood Insurance?
As its name suggests, flood insurance is a type of coverage that may provide critical financial security for policyholders following flood-related losses. Flood insurance is typically not included in standard homeowners insurance, making endorsements or additional separate policies a potentially crucial investment.
How Flood Insurance Works
Like many types of insurance, flood insurance establishes a contractual agreement between policyholders and their insurance company. Flood policies are typically available through the government, but private insurance companies may also provide options. As long as policyholders continue to pay their regular (e.g., monthly) premiums, they may retain access to funds and resources to help them recoup losses and limit out-of-pocket expenses following floods.
What Flood Insurance Covers?
Flood insurance typically offers multifaceted coverage and can help policyholders recoup financial losses related to the following:
- Structural damage—Flood insurance may help pay for damage sustained by buildings, including issues related to roofs, walls, foundations and attached fixtures.
- Contents losses—Coverage may also include compensation for losses related to electronics, furniture, clothing and other belongings damaged by floods.
Is Flood Insurance Necessary?
Flood insurance is generally not required by law, but property owners and tenants in certain areas may be required to maintain coverage if they lease, rent or mortgage their homes. Landlords and mortgage lenders may impose various insurance requirements, including home insurance with flood cover and commercial flood insurance.
How to Get Flood Insurance
Flood insurance can help financially protect you against the dangers of having your house flooded. Without it, you will need to pay flood-related damages out-of-pocket, which can be expensive. Contact Barnette & Coates Inc. today to learn more about flood insurance.