KNOW WHAT’S NOT COVERED | Flood Insurance

When you are dealing with flood damage, the last thing you need is a surprise. So take some time to go through the Standard Flood Insurance Policy for a full list of coverages and exclusions when you’re applying. The following are a few examples:

Property outside a building. This includes decorative and recreational items such as swimming pools, hot tubs, decks, patios, fences and walkways, as well as septic systems. Plantings are also not covered.

Certain high value items. Currency (including rare coins), precious metals and stock certificates.

Damage that could have been avoided. This includes moisture, mildew or mold resulting either from a pre-existing condition or from lack of timely remediation.

Also excluded are payments for living expenses, such as temporary housing, and financial losses caused by business interruption or the loss of use of insured property.

Some valuable items, such as original artwork and furs, are covered under flood insurance. But the limit is $2,500.

•Get flood insurance now, because you can’t get it at the “last minute.” In most cases, it takes 30 days after purchase for a policy to take effect, so it’s important to buy insurance before the storm approaches and the floodwaters start to rise.

 No matter what your risk is, you can purchase flood insurance. The only requirements are that your community participates in the NFIP and your property qualifies for coverage.

 If you are in a high risk area, insurance is mandatory. This is required if you carry a mortgage from a federally regulated or insured lender.

 If you live outside a high-risk area, you might qualify for a lower-cost Preferred risk policy.

 If you own your property outright, you should still be financially protected by flood insurance. Statistics show that if you live in a high risk zone, you are more likely to have flood damage than fire.