Now that many NJ residents have seen firsthand what type of damage floods can cause and how much it costs to repair them, they may be ready to look into a flood insurance policy for their home or business.
Florham Park, New Jersey (PRWEB) November 12, 2011
The team at local ADP Statewide Insurance know that it has been a rough year for residents who do not have the flood insurance NJ home and business owners need. Just as many people were recovering from the aftereffects of Hurricane Irene, the unseasonable snow storm during the last week of October left these homeowners right back where they started with flooded homes and extensive tree damage.
Unfortunately, individuals who do not seek advice from an insurance expert may be unaware that their home and NJ business insurance policies do not cover flood-related damage until it is too late. Flood policies are sold separately, but that doesn’t mean that they should be taken lightly. Now that many NJ residents have seen firsthand what type of damage floods can cause and how much it costs to repair them, they may be ready to look into a flood insurance policy for their home or business. Here are some of the things many people do not know about flood insurance:
- Unless it’s being purchased for a new home that a policyholder recently moved into, flood insurance requires a 30-day waiting period between the time it is purchased and the date on which it becomes active.
- Some lenders require that homeowners obtain flood insurance when they take out a mortgage on a property that is in a high flood-risk zone.
- The amount of flood insurance individuals need is determined based on their home or business’ level of risk. For example, a property in a high-risk area would need enough coverage to account for the amount of any outstanding loan on the home and its total replacement cost, including its contents.
When it comes to flood insurance, NJ residents know all too well that the price of a policy will ultimately be less expensive than paying out of pocket for repairs. Anyone who has questions about whether or not they are protected against floods should speak to an insurance expert, like those at ADP Statewide Insurance, in order to obtain the proper coverage before the next storm strikes.
About ADP Statewide Insurance:
ADP Statewide Insurance is your one-stop-shop coverage resource! To better serve their regional customers, ADP Statewide Insurance has offices all throughout New Jersey and South Carolina. Insurance isn’t just their business – it’s the agency’s passion. ADP Statewide Insurance wants to make sure that its clients and their loved ones have the protection that they need, at a price that they can afford! ADP Statewide Insurance has been in business for over 60 years and the agency understands that every customer and every situation is unique. Discover the wealth of coverage options available, today!