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What Does Flood Insurance Cover?

Flood Insurance is just as simple as it seems, it is an insurance policy that covers losses due to flooding. Flood insurance is something that is required in some areas depending where you live in the flood plain. The coverage is different depending if your area is residential or a commercial area that is being insured. So what does flood insurance cover exactly?

Residential policies cover the following items when a flood causes damage to your home:

Residential Building Coverage

This insures your home or dwelling, attached or detached garages, and certain permanent structures installed in your home, such as built-in dishwashers, permanent shelving, furnaces, radiators, hot water heaters, plumbing, stoves, ovens and refrigerators. When it comes to what inside your home a flood insurance policy will cover, they will insure pretty much all personal property and belonging such as clothes, furniture, appliances, and home decor.

Coverage in Basements

When it comes to a basement a flood insurance policy will cover structural elements and equipment normally located in a basement such as unfinished drywall, electrical junction and breaker boxes, air conditioners, furnaces, lights, and cleanup.

Non-residential policies cover the following items when a flood causes damage to your business:

Non-residential Building Coverage

What does flood insurance cover in this case? When the structure that has been damaged is not a residence, it is considered non-residential building. This coverage pretty much covers the same time of materials which are included in the basement coverage such as unfinished drywall, electric functions and breaker boxes, furnaces, lights, cleanup and foundation elements. When it comes to the contents that are covered within the structure, the policy will cover furniture and fixtures, machinery or equipment, stock, raw materials, finished or unfinished goods, and packing and shipping supplies.

The cost of flood plan depends on the amount of property that you have and the amount that you want to insure. For residential coverage the most that can be insured is $250,000 of building coverage and $100,000 contents coverage. Business owners are qualified for $500,000 building coverage and up to $500,000 contents coverage. It is stated that the average flood insurance premium is approximately $370.00 a year, but that will vary depending on your location and other factors such as age, elevation of home, building occupancy, and your deductible.

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