Even a Little Water Can Cause Big Damage

Flood insurance coverage can help you protect your property and your belongings. The National Flood Insurance Program (NFIP) determines coverage and premiums, but when you purchase a flood policy from Binger Insurance Services, you will get the support of a knowledgeable agent and service you can count on.

A flood insurance policy can help protect your house, condo, apartment, mobile home, or even your business. Most flood insurance policies can include three types of coverage: building coverage, contents coverage, and replacement cost coverage. Each of these coverage options offers different kinds of protection.

Flooding can occur anywhere at any time of the year resulting from many different types of meteorological events, not just hurricanes.
The best financial protection from floods is with the purchase of a National Flood Insurance Program (NFIP) policy that is available either from the NFIP direct or a Write-Your-Own (WYO) company. The consumer can only obtain a flood insurance policy through an insurance agent.

It is important for agents to recognize the need for flood insurance and offer this important coverage to all their clients; and for consumers to realize the risk potential that exists – regardless of the flood zone.

• Building coverage – This protects the physical structure of your home or non-residential property.
• Contents coverage – This covers your belongings—the items inside your home. Some examples include clothing, furniture, microwaves, and grills.
• Replacement cost coverage – This coverage helps reimburse you for the cost of replacing your home. Replacement cost coverage is only available to owners of single-family, primary residences that are insured to within 80 percent of the total replacement costs.

Your flood insurance could also help cover the cost of items, like sandbags, used to protect your property from the imminent danger of a flood. Content’s coverage and replacement cost coverage are not included in all policies. Be sure to talk to an agent to understand what is covered and what is not.

Learn About Flood Insurance Limits

An insurance limit is the highest amount your policy will pay for a covered loss. If you have damage or losses over the amount of your policy limit, you are responsible for those costs.

The NFIP offers the following maximum limits for most flood insurance policies:

• Building coverage can typically insure your residential building’s structural elements up to $250,000, or your non-residential building at up to $500,000. Replacement coverage may be available for single-family, primary residences.
• Contents coverage can typically insure your belongings at up to $100,000 for residential policies and up to $500,000 for non-residential policies. Contents are covered for actual cost value, which is the value of the item at the time it’s lost—not the item’s purchase price. Replacement cost coverage is not available for contents.

If you want to cover your property for more than the NFIP’s maximum limits, you may be eligible to purchase additional coverage known as an excess flood insurance policy. Talk to your agent for more information on excess flood insurance.