A single flooding event can severely damage or destroy homes. Because traditional homeowner’s insurance does not cover this type of damage, many homeowners in flood-prone areas purchase additional flood insurance. However, that may not provide the coverage you need in the event of catastrophic flooding. Keep reading to learn how excess flood insurance coverage can help you recover from a natural disaster.
Flood Insurance Has Its Limits
Both private flood insurance and coverage provided through the National Flood Insurance Program provide limited benefits to homeowners in expensive coastal regions. For example, NFIP only provides $250,000 in coverage on structures. Chances are, that is not enough to repair or replace a home that has sustained serious water damage. Excess coverage kicks in once you have exhausted the coverage provided by your primary flood insurance.
Severe Weather Is On the Rise
Climate forests predict a dire future of rising sea levels and longer storm seasons for people in coastal areas. Additionally, the storms that do hit are often wetter and longer-lasting, which directly affects how much damage they cause. Combined, this makes it imperative that homeowners prepare by securing coverage for their homes and property.
Your home is an investment. The right insurance policies will protect it with coverage that allows for rebuilding or replacement in the event of severe flooding.