With concerns about hurricane damage & flooding growing due to Hurricane Harvey in the Gulf Coast, we would like to take a minute to share an article from one of our carriers, American Strategic Insurance & Progressive Home Advantage, to help you better understand why flood insurance is needed & what this can help cover for loss avoidance, in addition to covering unpreventable damages to the home and/or contents. Below is an excerpt from their article. Please visit the following link for additional information directly from American Strategic Insurance regarding flood insurance coverage and who qualifies for this type of policy:
WHAT’S COVERED UNDER A STANDARD FLOOD INSURANCE POLICY?
National Flood Insurance Program flood policies will cover up to $1,000 in reasonable expenses incurred to protect a policyholder’s insured property, and up to $1,000 to move the policyholder’s insured property away from a flood or imminent danger of a flood. To be eligible for this benefit, the insured property must be located in a community where:
- a general condition of flooding in the area exists; or
- an official has issued an evacuation order or other civil order for the community requiring measures to preserve life and property from flooding.
WHAT IS ELIGIBLE?
EXPENSES TO PROTECT PROPERTY
- Sandbags (including the sand to fill them)
- Fill to create temporary levees.
- Water pumps.
- Plastic sheeting and lumber used in connection with any of these items listed above.
- Labor – a policyholder may claim labor, including their own or a family member’s labor, at the federal minimum wage. Labor charged by a professional may also be reimbursed.
EXPENSES TO MOVE PROPERTY TO SAFETY
- Up to $1,000 for the reasonable expense to move insured property in order to protect it from flood, or the imminent danger of flood.
WHAT DO POLICYHOLDERS NEED TO KNOW?
- Personal property that is moved must be placed in a fully enclosed building or otherwise protected from the elements.
- Any property removed, including a moveable home (that meets the definition of a building in the flood policy), must be placed above ground level or outside of the special flood hazard area.
- Property removed is covered by a policyholder’s flood policy for 45 consecutive days from the date the move begins.
- A deductible does not apply to these limits.
- The coverage does not increase the policy limits of the liability.