Japanese catastrophe and why you should buy flood insurance today: time is of the essence
The tragic and recent events in Japan have reiterated once again how important it is to have flood insurance to accompany your home insurance policy, and now is the time to get it. Fortunately for Japan, it is very much on the cutting edge of technology when it comes to hardening construction for earthquakes. However, no one could have predicted the extent of the damage that would have occurred not from the earthquake, but from the subsequent tsunami that immediately followed. This article will explore the reasons you need to get flood insurance today, because time is of the essence.
First of all, your home insurance policy does not cover flood damage. Some people think that because their home has a water damage clause, this includes flood damage. This couldn’t be further from the truth. Another one of those facts that many people don’t realize is that there is a waiting period before your coverage begins if you wait until spring to buy. When spring rolls around, there is a 30-day waiting period from the time your payment is cleared until coverage actually begins. Another fact that many people don’t realize is that the national flood insurance program is run by the government, which means that in the case of flood damage, you are guaranteed to get your refund.
And even better, compared to other insurance policies, the cost is inexpensive. In some of the more expensive real estate markets, flood insurance is as cheap as $ 975 per year. Many people don’t realize that even one inch of flooding can cause $ 8,000 worth of damage. Some other benefits of flood insurance are that if you need to make a claim, you don’t have to worry about rising premiums.
While office content insurance can insure content and materials within your business, business flood insurance will cover the same content in the event a flood causes damage to a business. In Florida, people don’t have basements, but in regions of the United States where basements are regularly found, homeowners can purchase a basement insurance option for their flood insurance. This basement option can handle large and expensive utility items like washers and dryers, boilers, and pumps.
Unfortunately, sometimes it takes a catastrophe in another country to motivate people here at home to take the important steps necessary to protect their home. Learning from the experience of another is called wisdom. The bottom line is that none of us know what is going to happen. That’s why you need to take action today and purchase your flood insurance in order to begin the 30-day waiting period that occurs before coverage begins.
