Securing Flood Insurance In New Jersey
If you are a homeowner in the New Jersey area
, it is important to educate yourself on the types of insurance coverage you need to bind for your property. While you may have homeowners insurance, many are unaware that the standard home insurance policy excludes coverage for floods in most situations. Separate flood insurance New Jersey policies must be purchased to protect your home against damages caused by an overflow of water. Flood Insurance is offered by the National Flood Insurance Program that was created by congress in 1968. While not all homeowners in the New Jersey region are required to carry flood insurance, mortgage lenders will require owners in moderate to high flood zones to carry coverage.Flood insurance New Jersey policies are backed and administered by the Federal Government. Even if you are not required to carry flood insurance by your lender, it is recommended to bind coverage, as most policies are extremely affordable. Studies have shown that while a house has a 9% chance of being damaged by a fire, it has a 26% chance of being damaged by a flood. With an average flood claim totaling to $25,000, it is reasonable to say that the investment is well worth it.
The National Flood Insurance Program and the Federal Government bodies governing this program mandate policy limits and premiums available in the New Jersey region. Homeowners can choose to carry up to $250,000 of building or dwelling coverage and up to $100,000 of coverage for contents. All prices for flood insurance are predetermined and will be charged the same no matter which insurer you purchase the policy through. While the premiums are all the same, it is important to find an insurer who will rate you accurately by territory and flood zone.
It is important to understand the Federal governments definition of a flood and how the policy will cover you in emergency situations. While a homeowners policy will cover a sudden burst of water and in some circumstances plumbing water overflows, there are a number of exclusions you should research. A flood insurance New Jersey policy will only cover your home if two or more properties or two or more acres are temporarily inundated with water. The water can come from tidal waves, rapid accumulation or runoff of waters, mud flow, or landslides.
If you want to protect yourself against a massive financial hardship if your property is flooded, it is important to secure flood insurance even if you are not required to. Consult an insurance agency in your area or contact the National Flood Insurance Program to receive a quote and bind coverage. For very little annually, you will have the peace of mind in knowing you are protected against floods, mudslides and landslides.
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