How to secure flood insurance
Flood insurance is not a part of a basic homeowners insurance policy, so you have to secure coverage separately. You can do this by adding flood coverage as an endorsement to an existing policy or by purchasing a separate standalone policy.
Most of the time when you buy a standalone policy, you’re getting coverage from the National Flood Insurance Program. This is a program that’s managed by the government and facilitated through insurance agencies.
Kin offers private flood insurance in the form of a private flood insurance endorsement, which is available to people who have homeowners insurance policies issued by Kin in Florida and Louisiana.
The increasing need for flood insurance
Flood insurance is becoming more important for homeowners to consider. Let’s investigate some of the reasons why.
Climate change
Changes in our weather have led to more flood events along the nation’s coastlines, but those aren’t the only affected areas. Inland flooding events, whether caused by slow-moving hurricanes or more frequent rains, are also becoming more common.
Increasing development in flood zones
Not only are floods becoming more common, but there are also more people moving to flood zones. Unfortunately, densely populated areas are at risk for flash flooding due to the buildings, highways, and other structures that increase runoff.
More unfortunate may be the ramifications from flooding, which can include damage to foundations, extensive interior damage to buildings, the loss of personal belongings, and the potential for mold damage.
Many lenders require flood coverage
Some homeowners may be surprised to learn that many mortgage companies and lenders require flood insurance. This is especially true in certain flood-prone areas, where homeowners must secure flood insurance to get a government-backed mortgage.
Defining flooding
One reason homeowners sometimes think their home insurance policy covers flood is because they think all water damage is the result of flooding. But in truth, the short definition of flooding from the Federal Emergency Management Agency is “a temporary overflow of water onto land that is normally dry.”
So while home insurance policies generally exclude flood damage, most cover some water damage. For example, damage caused by a sudden pipe burst or a roof leak resulting from a covered loss that isn’t the result of poor maintenance may be covered under a basic homeowners insurance policy.
Flooding, on the other hand, is usually the result of water damage originating from outside sources.
Check your homeowners insurance policy
If you have a Kin policy in Florida or Louisiana and want protection against flood loss, we can help! Contact us so we can show you the benefits of Kin’s private flood insurance coverage.
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