Do Not Let Flooding Leave You Financially Under Water
As a responsible adult, you have taken the steps you need to protect yourself and your home or rental property by getting insurance coverage. You know that this policy will make it possible for you to maintain your quality of life no matter what comes your way. Have you, however, considered possible dangers that are not covered by your homeowners insurance or renters insurance?
Contrary to popular belief, flood insurance is not included in most renters or homeowners insurance policies. If you live on a flood plain, it is crucial for you to carry this kind of coverage. Secure it now, as flood policies have a 30 day waiting period before they take effect. That means that you cannot wait until the next flood warning to get this coverage.
It is important that you understand whether your flood insurance policy will offer replacement cost or actual cash value. Replacement cost coverage will offer you the payout you need to rebuild your life as it was prior to the flood. Actual cash value, on the other hand, will reimburse you up to the amount you could reasonably expect to receive if you sold that property today. That means that depreciation will be taken into account when you receive your reimbursement.
Both renters and homeowners can, and should, obtain this kind of coverage. In both cases, the flood insurance policy will be separate from their renters or homeowners insurance policies.
Do not leave yourself exposed to the possibility of flooding in Staten Island and the surrounding New York metropolitan area draining your finances. For the flood insurance you need to be anchored no matter how the waters rise, contact The DiForte Agency. You should not be left exposed to risks you thought were covered by your existing policies; call our team of industry experts to get the full coverage you deserve.