Many homeowners do not understand what flood insurance covers and are left with nothing in case of floods. You need to know irrespective of the fact whether you live in a flood-prone area or not, rains are a natural phenomenon which can’t be controlled and no one can control the intensity of the rain. You can take a flood insurance when the weather forecast says that it would flood in few days but flood insurance has a 30 day wait period for your policy to kick in. However, a 30 day wait period can be waived when-
1) The building is newly designated in the high-risk Special Flood Hazard Area and flood insurance coverageis purchased within the 13-month period following a map revision then the waiting period is reduced to a day.
2) The flood insurance is purchased in connection with making, increasing, extending or renewing mortgage loan, the wait period is waived off.
3) Insurance is already present like homeowners insurance or renters insurance and you select additional insurance, wait period is waived off.
4) When a property, which is affected by flooding, is on a burned federal land and the policy is purchased within 60 days of the fire containment date, the wait period is waived off.
Waiving of wait period is determined at the time of claim.
It may be a good idea to purchase coverage for the structure and its contents. And each has a deductible. Building coverage only covers the structure and therefore you should consider getting coverage for the items inside the property too.
Here is how you can select a flood insurance policy:
1) Know your need: You must select your policy on the basis of your need and not due to peer pressure. If your friends, who lives in a flood-prone area, has a flood insurance policy for his house which is bigger than your house which means that he needs a bigger cover than you need if your house is smaller than his. You need to question yourself about how much insurance you need and not compete with peers for no reason.
2) Trust the internet: Internet is a good place to buy because it saves the labour to go out and physically compare policies. Trust the algorithm of the internet and let them compare. Buying policies online through various comparison portals is advantageous and economical. Offline policies are generally expensive than online policies as they are retailed by insurance agents and they include a certain amount of commission in it.
3) Claim settlement ratio: Claim settlement ratio is the ratio of claims made to the number of settlements done. A company with high claim settlement ratio is preferable because it would increase your chances of getting a claim in case you suffer a loss.
For Flood Insurance Bryan in Bryan, consider Aggieland Insurance.