Cleveland OH (PRWEB) September 19, 2012
Restoration Local, one of the leading providers of water damage restoration in the United States, is offering recommendations to property owners on what to look for in a flood insurance policy. Everyone lives in a flood zone of some sort, with flooding happening in all 50 states, and 25% of all flood losses occurring in low to moderate risk areas.
Standard homeowners insurance policies will cover your home’s contents but will not cover flood damage. It is important to purchase a separate policy. The National Flood Insurance Policy was established in 1968 by Congress to provide a means through which consumers may be able to purchase post flood coverage. Coverage provided pays for structure replacement and rebuilding in the wake of a flood due to heavy rain, hurricanes, dam failure, and river/lake overruns. In return for offering such coverage, the US government requires participating communities to adopt and enforce ordinances that are designed to meet or exceed FEMA requirements that reduce the risk of flooding.
Keep in mind that any flood coverage purchased does not take effect for 30 days, and coverage may vary depending upon which area the property is located. Some states may require proof of flood insurance at the time of a real estate closing. The “effective date” of the policy should coincide with the day of closing, and it should be remembered that NFIP coverage only covers the home itself, not necessarily the contents contained therein.
If price is no concern, than obtaining flood coverage is easy, with insurance providers such as Privilege Underwriters Reciprocal Exchange, ACE Ltd, Chubb, and Alliance are excellent resources for high end flood coverage. The most obvious benefit is the extended range of insurance coverage options available to those who fall within that price range.
All insurance policies are federally backed by the NFIP, however, prices and benefits that are associated with it may vary according to geographic areas and property values. It may be necessary to purchase additional coverage designed to protect the contents of the home.
Based in Cleveland OH, Restoration Local is one of the leading providers of water restoration service in the country, with contractors in 30 states. They are available 24/7 and all work is guaranteed.