Since standard home insurance doesn't cover flooding, it's important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.

It’s an oddity that flooding is the most common natural disaster in the United States, yet it’s not covered under a standard home insurance policy. While not every home is at high risk for flooding, over the course of a 30 year mortgage you have less than a 5% chance of having a fire but you have greater than a 25% chance of having a flood. It’s important to understand how risk is identified and whether having flood insurance makes sense for you.

Bailey Place insurance writes flood insurance on all types of homes and businesses. We work with the National Flood Insurance Program (NFIP) but we also represent several private flood insurance companies which may offer you considerable savings. Let us evaluate your needs and see what options are available to you. Contact us today to learn more.

Flood Insurance Coverage

Flood insurance protects two types of insurable property: building and contents. The first covers your building, the latter covers your possessions; neither covers the land they occupy.

Building coverage includes

• The insured building and its foundation
• The electrical and plumbing system
• Central air conditioning equipment, furnaces, and water heaters
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers
• Permanently installed carpeting over unfinished flooring

Contents coverage includes

• Clothing, furniture, and electronic equipment
• Curtains
• Portable and window air conditioners
• Portable microwaves and dishwashers
• Carpeting that is not already included in property coverage
• Clothing washers and dryers

The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.

All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.

Some content provided by FloodSmart.gov

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