Two types of water damage: Your standard homeowners’ insurance policy will cover losses caused by water that accumulates in your home because of the accidental discharge of a system or appliance, such as a broken hose or valve. However, this same policy will NOT cover losses caused by water that collects as a result of the overflow of a body of water or surface water runoff.
Just a few inches of water from a flood can cause tens of thousands of dollars in damage. During the past decade, the average flood claim has amounted to more than $33,000. Flood insurance is the best way to protect yourself from this devastating financial loss. Please contact Fingar Insurance at 518-828-4500 or mark@fingarinsurance.com today to make sure you are covered. As a reminder, flood insurance must be purchased before flooding occurs and has a 30-day waiting period from the date of the application (unless purchased in conjunction with a loan closing).
If you live in a moderate-to-low risk flood area, you can purchase a preferred risk flood policy for as little as $129 per year. Remember – about 25 percent of all flood insurance claims come from areas with moderate-to-low flood risk. In addition to investing in flood insurance, you can also protect yourself and your property by developing a family communications plan, creating an emergency kit, and keeping important papers and valuables in a safe place away from your home.
Even if you are renting an apartment or condominium, it’s important to have flood insurance. Coverage for your home’s contents (like clothing, furniture and electronics) can be purchased separately from building coverage.
If your business suffers a flood and you don’t have flood insurance, you’ll only have three options: pay recovery costs out of your pocket, take out a loan or close your doors. Avoid becoming one of the 25 percent of businesses that never reopen because of a disaster by learning about the value of flood insurance from Fingar Insurance at 518-828-4500 or mark@fingarinsurance.com.