With all the snow melting, are you covered for flooding?

Wednesday February 19, 2014

Danielle600px“Your homeowners and business insurance EXCLUDES flood coverage. The insurance definition of flood is water coming from the outside in. If you are concerned about flood damage to your home, please contact us today for a flood insurance quote! 248.734.7731.” Danielle Allen | dallen@peabodyinc.com Why do I need flood insurance? How easily could you recover from an uninsured loss to your home or business that can easily run into the tens of thousands of dollars?   Nearly all residential and commercial property insurance policies exclude flood damages.  Ask Peabody Insurance Agency whether your policy protects you against flood damage. What is considered a Flood? Note:  The coverage descriptions offered below are in general terms only and are superseded in all respects by the terms and conditions of the policy forms of the National Flood Insurance Program. The flood policy forms used in the National Flood Insurance Program define “flood” as a general and temporary condition of partial or complete inundation of normally dry land areas from
  • Overflow of inland or tidal waters
  • Unusual and rapid accumulation or runoff of surface waters from any source, or
  • Mudflows caused by flooding
Coverage is also provided for damage caused when buildings collapse due to the rapid erosion of the land they are constructed on. What coverages are typically included? Coverage is available for residential, agricultural and commercial buildings.  A flood insurance policy provides coverage for the following;
  • The insured building and its foundation
  • Electrical and plumbing systems
  • Central air conditioning equipment, furnaces, and water heaters
  • Refrigerators, cooking stoves, and built-in appliances such as dishwashers
  • Permanently installed carpeting over unfinished flooring
  • Permanently installed paneling, wallboard, bookcases, and cabinets
  • Window blinds
  • Detached garages (up to 10 percent of Building Property coverage) Detached buildings (other than garages) require a separate Building Property policy
  • Debris removal
Are my personal items covered by my flood policy? Coverage for household, farm or commercial personal property items must be purchased separately on most policies.  When it is, it will provide coverage for the following:
  • Personal belongings, such as clothing, furniture, and electronic equipment
  • Curtains
  • Portable and window air conditioners
  • Portable microwave ovens and portable dishwashers
  • Carpets that are not included in building coverage
  • Clothing washers and dryers
  • Food freezers and the food in them
  • Certain valuable items such as original artwork and furs (up to $2,500)
  • The furniture, supplies and inventory of a business located within an insured building
  Keep in mind that Flood policies generally take 30 days to take effect, so don’t wait until it’s too late! For more information: Click Here