Monday, March 28, 2011

Flood Insurance!

Flood Insurance...Do you have it? Do you need it?

With March coming to an end and "April showers" around the corner now is a good time to make sure you have coverage for flooding. Living in New England we never know how wet of a spring we will actually have so it a good idea to be prepared! Winnie and Phinn hate too many rainy days in a row the yard gets all soggy and they can't run around in the mud!

Here's a picture of Winnie relaxing after running around the yard on a nice spring day!

It is important to know flood coverage is not included in your homeowner’s policy. Water backing up from your sewer or drains can be added as an endorsement, but surface water flooding has to be purchased from surplus carriers or the National Flood Insurance Plan (NFIP).

Regardless of your dwelling limits, the NFIP plan provides up to $250,000 for the building and up to $100,000 for contents. The building is valued on replacement cost (no depreciation) but the contents are valued on actual cash value (depreciation is taken into account). Separate limits are included for contents that might be stored in your basement or below ground.

If you live in a predetermined flood zone, you’ll be required to purchase a flood policy. Mortgage companies also will require it in other zones as well. Even if you don’t live near a river or major body of water, this is an important coverage you should consider with melting snow.

If you require limits above and beyond what is provided by the NFIP, you can purchase excess flood coverage to have higher limits. As always, this is an important coverage that should be discussed with your agent at Coffey Insurance!

Until next time...

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