Timely Tidbits: For Folks who Almost Got Water
... and have flood insurance:
If you prevented damage to your insured building – or attempted to - you may be able to recover part of the cost. You can file a flood insurance claim for loss-prevention measures – even if the floodwaters stopped short of reaching your house. If you moved your insured personal property (contents) to an area more protected from flood damage, some of that moving and storage expense may also be covered.
Since typical fire and theft policies do not cover loss-prevention measures, this provision of the flood insurance policy may be unfamiliar to your agent. Keep in mind that flood insurance is a small part of most agents’ business. Review the relevant section of the flood policy, which is: Section III. Property Covered, C. Coverage C - Other Coverages, 2. a. & b. This is not a new coverage, so it would apply to policies before and after changes that became effective December 31, 2000; however the limits of coverage were raised to $1,000 each (building and contents) at that time and may be lower for policies renewed before that date. The deductible is not applied against this coverage.
... and do not have flood insurance:
Before you recover completely from the sick feeling you had watching rising forecasts and waters – call your agent. The 30-day waiting period doesn’t start until you make the purchase. Admittedly, the Federal Insurance Administration doesn’t make buying its product quick and easy – so be patient and persistent.
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| Posted on: 3/24/2005 10:56:12 AM |
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