Homes are major investments. In fact, they’re the most expensive assets most people purchase in a lifetime. At the same time, people tend to have far more money invested in their homes. Home is where they live their lives. It’s their source of shelter and their escape from the outside world. Owners often invest a great deal of themselves in their homes, so protecting them is crucial.
Safeguarding Against Losses
Homeowners are required to maintain insurance on their properties. Homeowners insurance covers a number of eventualities, providing payouts for certain types of damage and losses. That said, flooding is responsible for significant losses, and it’s not covered under a standard homeowners insurance policy. Property owners can find more information on this topic, but for now, take a look at a few basic facts.
What Does Homeowners Insurance Cover?
In general, homeowners insurance covers damage and losses caused by fires, vandalism, theft, and several acts of nature. The latter could include falling limbs, high winds, flying debris, and lightning strikes, and other sources of damage. It also covers certain types of water damage, such as sewer backups and burst pipes. Some policies may cover water damage caused by exploding water heaters, malfunctioning dishwashers, and other internal sources, according to realtimecampaign.com.
However, homeowners insurance doesn’t cover flooding from natural sources. If a nearby river or lake overflows into a community, standard insurance policies won’t provide a payout to repair the damage. Storm surges from hurricanes aren’t covered, either. Homeowners must purchase additional insurance policies from providers like Kin Insurance to cover that type of damage.
Taking a Closer Look at Flood Insurance
Flood insurance works in tandem with standard homeowners insurance. It provides an extra safety net in case of damage and losses caused by external flooding. Its cost varies by area, local flood risks, the age of the home, and many other factors. Experts are quick to point out that the cost of not having flood insurance could be far higher than the price of coverage itself.
While any homeowner can purchase additional flood insurance, it’s particularly important for those who live in high-risk areas. Keep in mind that no area is completely impervious to flooding. Those who are unsure of whether they should purchase a flood policy can speak with an insurance agent to get a better idea of their risks.
Having an Added Safety Net
Regional climates seem to be changing over time. Flooding appears to be growing less common in some places that were previously considered high-risk areas. For the most part, though, the risk of flooding seems to be spreading to areas that weren’t at risk in the past. Because of that, A Climate Startup Aims to Narrow the Flood-Protection Gap With Data.
Many homeowners have been dismayed to learn that their insurance didn’t cover flooding. In those instances, property owners are left with no way to recoup their losses following floods. Those who want to protect their families and investments against the possibility of flood damage can purchase additional flood policies to reduce the risks and give themselves an extra safety net.
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