Is Your Home Protected Against A Flood?
As a homeowner, you are dedicated to keep your home safe. Your house is the center around which all your family activity revolves, the ground on which many of your fondest memories have been forged, and your way to safeguard your loved ones from the harsh world. It is important, then, to protect your home.
If, however, you have not secured flood insurance you are leaving it exposed to this natural disaster. Standard homeowners insurance policies do not include flood protection. In fact, flood insurance is not even a standard type of insurance.
Instead, flood insurance is a federal program designed to mitigate the financial consequences of natural disasters. In March of 2014, President Obama signed a law called the Homeowner Flood Insurance Affordability Act of 2014. As a result of this law, the Federal Emergency Management Agency (FEMA) works to identify areas at particular risk for flooding and works to keep those on a flood plain informed.
Flood insurance is also unique because the insured is asked to participate in the loss by paying a premium and accepting a depreciated settlement. The settlement is depreciated because it takes into account the depreciation of personal property, meaning that if you had a ten year old dining room table, your flood insurance will only reimburse you for the cost of that table’s value rather than the cost of a new table. Fortunately for those who carry flood insurance, this still provides significant financial help in rebuilding your life after a flood sweeps through.
Does your home have the coverage it needs in the face of a flood? Do not let this natural disaster leave you underwater financially. Get the coverage you need to transfer your risk away from yourself by contacting The DiForte Agency, serving Staten Island and the surrounding New York metropolitan area, today! Our team of experts is here to make sure you have the flood insurance you deserve.