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August 26, 2022

What Is Flood Insurance?

For many people, their home and business are the most valuable investments they will make in their lives. While standard homeowners or commercial property policies can be helpful, certain hazards, such as floods, may not be covered. The damages and losses arising from even a single incident can result in irreparable ramifications for those who lack flood insurance.

Fortunately, the insurance professionals at Cormack-Routhier Agency are prepared to help. Our agents possess the knowledge and dedication to ensure homeowners and business owners in the Providence area are adequately protected following flood damage.

What Does Flood Insurance Cover?

As its name may suggest, flood insurance is intended to provide financial assistance if your property is damaged by flooding incidents. Specifically, most flood insurance policies will include coverage for the following expenses:

Structural damage—Your policy can help reimburse you for damage to key structural elements of your building, including:

o Foundations

o Plumbing and electrical infrastructure

o Heating and central air systems

o Floors

o Paneling

o Attached cabinets and bookcases

o Garages

Additional coverage may be required for detached structures other than garages.

Lost possessions—If the contents of your home are damaged or destroyed by a flood, your policy can help pay for repair or replacement costs. This may include:

o Furniture

o Electronics

o Clothing

o Portable appliances

o Valuables (e.g., art)

Policyholders should be aware that lost or damaged possessions are generally paid out at their current actual cash value. As such, items that are older or have been worn down may have depreciated.

In addition to repairing and replacing your property, flood insurance may also be able to provide financial assistance with cleanup costs.

How Much Does Flood Insurance Cost?

Your premiums for flood insurance may vary based on your circumstances. Providers must weigh the following factors:

Location—Properties located in areas at greater risk of flooding or inclement weather may be subject to higher costs.

Structural details—The elevation of your home or business and the materials your building is made of can affect on your premiums.

Occupancy—Your property’s use may be considered when determining your costs.

Contents—Your premiums may vary based on the value of the possessions for which you are seeking coverage.

Policy details—Your rates may change depending on your policy’s coverage limits and deductible.

Get the Right Coverage

Homes and businesses alike must account for the risk of flood damage. These losses and resulting expenses can have a devastating impact on your finances and future. Contact the insurance experts at Cormach-Routhier Agency today to build a flood insurance policy that will keep your property and possessions safe.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

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