Everything You Should Know About Progressive Flood Insurance

Standard homeowner’s insurance and renter’s insurance do not cover flood damage. And even a little flooding might have catastrophic financial repercussions. One foot of water may inflict $27,150 in damages to a 1,000-square-foot property, according to FEMA, and the average claim exceeds $38,000.

Without flood insurance, property owners must pay for the damages to their house (structure) and personal property (contents), and tenants must cover losses to their items (contents). People may be able to get loans to aid in their rehabilitation, however, these loans may result in interest payments.

In this article, John Perry Insurance will discuss the coverage of Progressive Flood Insurance.

What is Covered by Flood Insurance?

A flood insurance policy will typically cover you if groundwater rises and floods your home, which is not typically covered by homeowners insurance policies. In most cases, flood insurance will cover the majority of your home.

Depending on your policy, flood insurance typically covers the structure of your home and the contents in it, including:

  • Your home’s foundation and structure
  • Garage and other detached structures
  • Personal property, including furniture, clothing, and electronics (actual cash value)
  • Built-in appliances, including refrigerators, dishwashers, and stoves
  • Permanently installed carpeting and household fixtures
  • Air conditioning unit and furnace
  • Plumbing and electrical systems
  • Up to $2,500 in valuables such as jewelry and art and collectibles
  • Debris removal

The National Flood Insurance Program provides up to $250,000 in coverage for the structure of your home. Unless it’s in the basement, carpeting and personal property are usually covered as well.

The NFIP covers homes for replacement cost, while personal property is insured for its actual cash value. That is, the NFIP will usually pay you the actual value of your covered possessions. For example, a brand-new couch of comparable quality may cost $1,000 to replace the one you lost in a flood. However, if your couch was worth $600 at the time of the covered loss, you’ll receive that amount from the NFIP. If you choose a private insurer for flood insurance, your personal property may be covered at replacement cost.

Why Flood Insurance is Important?

The National Flood Insurance Program recommends that homeowners purchase flood insurance, especially if they live in a high-risk area. If you live near a river or body of water, you may be required to have it.

The National Flood Insurance Program (NFIP) recommends flood insurance to everyone for the following reasons:

Flooding can occur anywhere due to heavy rain or severe coastal weather. In fact, one in every five flood insurance claims is made by someone living in a low- or medium-risk area.

What Does Flood Insurance NOT Cover?

Whether you buy a flood policy from the NFIP or John Perry Insurance, the following exclusions may apply:

Read the associated disclosure for this claim.

  • Damage from sewer line backups or to your sump-pump
  • Motor vehicles (car, ATV, motorcycles, watercraft, etc.)
  • Floodwater damage leading to mold and termites
  • Financial losses you might suffer from not being able to conduct your home-based business
  • Stock certificates
  • Cash and jewelry up to specified limits
  • Swimming pools, outdoor hot tubs, and patios
  • Landscaping

Do I Need Flood Insurance?

If you live in a high-risk area, your mortgage lender may require you to purchase a flood insurance policy as a condition of the loan. Otherwise, you are not legally required to purchase one. According to FEMA, an inch of water can cause $25,000 in damage to your home.

Even if you don’t live in a high-risk flood zone, flooding can occur due to heavy rain, melting snow, or severe coastal weather. Furthermore, 20% of flood claims originate in low- or medium-risk areas, implying that flood insurance is frequently an important safeguard for many homeowners who live near a river or body of water.

Flood Damage and Renters Insurance

Flood damage is not covered by renters insurance policies. A separate flood insurance policy is required to protect your personal property from flood damage. However, you will only need to cover your belongings on your flood policy, not your entire house. It is the responsibility of your landlord to insure the structure in which you live.

Flood Damage and Car Insurance

If you have comprehensive coverage on a car that has been flooded, your auto insurance policy may pay to repair or replace it. A deductible is usually required.

Fort Myers, FL Most Trusted Flood Insurance Agent

John Perry Insurance agents have years of experience in preparing your flood insurance policy to cover this unexpected devastation. In most cases, your flood insurance will cover such disasters as a sewer line backing up into your house.

Call John Perry Insurance at (863) 777-4966 today for a flood insurance consultation and quote for Fort Myers, LaBelle, Cape Coral, Bonita Springs, Okeechobee, and Clewiston, Florida. We welcome your call.

Recent Posts