Floods are always a constant flesh in the thorn of residents living in New Jersey and other parts of America. In fact, floods account for about 90 percent of all disasters in America! When floods strike, property damage is always on the card. And because your typical home insurance doesn’t cover flood damage, you need a stand-alone flood insurance coverage to protect your dwelling from floods.
If you have been thinking about flood insurance, here is a guide from O’Donnell Agency LLC to help you understand this coverage in detail.
Is flood insurance mandatory?
New Jersey doesn’t require you to carry flood insurance. However, if you reside in a location considered flood-risk, your mortgage lender will insist you purchase flood insurance alongside home insurance. But whether flood insurance is mandatory or not, every homeowner should consider this investment since all homes are at risk of flood damage.
How do I get flood insurance?
Most of the flood insurance plans are administered through the National Flood Insurance Program (NFIP). However, you can purchase flood insurance from private carriers.
What does flood insurance cover?
The flood insurance coverage from NFIP covers your building up to $250,000 and contents up to a limit of $100,000. However, you can increase this limit at an additional premium. The dwelling coverage protects the foundation, floors, electrical and plumbing system, and other fixtures of your building. The contents coverage protects your cabinets, appliances, electronics, furniture, and other assets.
Does flood insurance take effect immediately?
Not at all. Flood insurance takes effect after a 30-day waiting period. With this in mind, you need to plan ahead if you want coverage against a looming storm.
Buy flood insurance today!
Given that your home insurance doesn’t protect your New Jersey home against flood damage, buy flood insurance from O’Donnell Agency LLC to avoid a bad experience when the unexpected strike. Contact us today for a competitive quote.