Home Insurance Fort Worth TX Excludes Flood
Home insurance Fort Worth TX excludes flood insurance. Flood insurance must be purchased thru the National Flood Insurance Program and has been set up in most communities.
Flood Insurance Coverage
This is an insurance policy that covers losses that are attributed to the overflow of inland water. The source of water that the policy covers includes water that has accumulated on a surface due to heavy rains and flows in the same manner as a river.
Do you Need Flood Insurance?
If you live in an area that is prone to flooding, you need to buy flood insurance. Some of the common locations that you should consider getting flood insurance for your property include areas near the beach, rivers or lakes. In most cases, if you choose to buy property in such locations, mortgage lenders will require you to buy flood insurance before they can finance you. As a matter of fact, flood insurance has become a common requirement of lenders — requiring homeowners to buy flood insurance on all new and existing homes that are in a flood plain.
Who Qualifies for Flood Insurance?
The only way that you can buy flood coverage is if you live in a community that participates in the NFIP. The program requires your community to take all the measures that would mitigate the risk of flooding locally. If you are not sure if your community is part of the program, you can confirm from the Community Status Book.
What Does Flood Insurance Cover?
There are a number of things that will be covered in a flood insurance policy. Some of the main things that flood insurance covers include:
- Plumbing and electrical systems
- Foundation of the property
- Water heaters, furnaces and equipment for central conditioning
- Dishwashers, cooing stoves and refrigerators
- Wallboard, cabinets, carpets and bookcases
- Window blinds
- Detached garage, which is up to 10% of the total building property coverage
- Removal of debris
- Dryers and washers
- Microwaves and portable appliances
- Electronic equipment
- Valuable pieces of original artwork, of up to $2,500
- Food freezers
What is not covered by Flood Insurance?
- Money and valuable papers like stock certificates
- Precious metals
- Items that are not in the insured building like boreholes, septic systems, walls, fences, hot tubs, swimming pools, and plants.
- It does not cover any damage that is caused by moisture, mold or mildew, which the homeowner could have averted.
Having flood insurance is essential if you live in areas that are vulnerable to flooding.