Understanding The Coverage Provided By National Flood Insurance
Anyone living in areas prone to flooding knows how devastating a major storm can be
. Most insurance companies can provide coverage via the National Flood Insurance Program (NFIP). Many policyholders do not actually know what is and what is not covered by the insurance policy. Many sign contracts and begin processes such as damage mitigation and structural repair without this vital information.
Safeguarding valuable documents, such as the policy itself
During a flood, important documents are likely to become damaged and the policy itself may be lost or can get destroyed. One way for a homeowner or renter to secure their insurance policies pre-disaster is to store a copy outside of the home, in a safe deposit box, or with a relative.
Using today's technology, scanning the policy and storing it electronically (on a USB or thumb-drive) is convenient. Regardless, after a disaster the policyholder should request a complete copy of the policy from the carrier or agent, making sure to fully understand all of the rights and obligations contained therein.
Costs to rebuild older homes may drastically affect homeowners
Older homes may warrant the need for an insurance upgrade. However this code upgrade coverage should be discussed with an agent. This is especially important to owners of an older home. The community's current set of codes may require homeowners to rebuild or repair their home differently (which could mean much more expensively) after a disaster. For example, the wiring may need to be upgraded, two-by-fours may need to be upgraded to two-by-sixes, building materials may need to be more fire resistant, etc.
Knowing any insurance policy inside and out is very important.
The insurance policy is designed to put the homeowners home back to pre-loss conditions. However, there are rules to follow, and policyholder responsibilities that must be met along the way.
Sever damage to a home, often coupled with temporarily relocating the family, can be extremely stressful. There are many things that need to be considered, such as:
Documenting the insurance claim
Finding temporary housing
Purchasing essential items that were lost
Making arrangements for child care and transportation
Interviewing contractors, and
Keeping up with job schedules (which may include extensive overtime if work was hit with the same disaster)
An issue many victims face after a disaster is not factoring in the emotional and physical toll a disaster can take on those involved. Don't be afraid to ask for help from an agent,
public adjuster, attorney, or other trusted source to navigate through this recovery.
by: Roger R. Minnick
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