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Post Flood Thoughts: Insurance Lessons and Planning

By Fawn Nekton

As most, if not all, of you know by now, flood damage is not covered by your home or business owners policy. Insurance companies began excluding flood damage in the 1960’s and the trend continued and extended so that today nearly all property policies exclude flood and flood-related damages.

In response, the federal government and the lending and insurance industries created the National Flood Insurance Program (NFIP) to address the coverage gap. Lenders now require that you purchase flood coverage if you’re in a primary flood zone.

That’s good news for many people who might not have purchased coverage had they not been required to do so. However even the folks with flood insurance are finding that it’s not going to cover all of their losses.

Here are some VERY important things to know about these policies:

So, that’s an outline of what isn’t covered. But there are a few things that are covered that you might not be aware of:

As always, if you’ve got questions about your policy or you want to get a flood insurance quote feel free to contact our office. We’re here and our door is open. Call us at 707-874-2666, stop by our office in Occidental, visit www.opendoorins.com or find us at our social media sites @opendoorins.

Ps: Next month let’s talk about the cost of flood coverage- shall we?

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