![]() While private insurance may be less expensive in low-risk areas, you do want to consider the possibility of higher deductions. ![]() This means you would likely not get the full amount necessary to replace your computer with a new one. They would then write a check for the original cost minus depreciation. For example, if your computer is five years old and is damaged by a flood, the NFIP insurance company will look at how much it costs to replace your computer and then subtract from that five years worth of depreciated value. Cash value means replacement cost minus physical depreciation. *NFIP flood insurance will pay you the cash value of personal property lost in a flood. Personal property replacement cost, temporary living expenses, loss of use, covers damaged property in basements While NFIP may be easier to qualify for, especially if you live in a higher risk zone, private insurance may offer some of the following benefits: This trend appears to be changing though. Currently, NFIP is responsible for providing the majority of flood insurance policies throughout the country with only a small fraction being underwritten by independent carriers. Remember, there are differences between what private insurance will cover and what NFIP insurance will cover. There are some items that flood insurance may not cover, including retaining walls and decks, swimming pools, paper currency and other valuable documents. You would refer to your homeowner's insurance for these situations. This would be considered water damage instead of flood damage. This means water damage caused by plumbing issues does not meet the flood damage requirement. It must also affect two or more properties or two or more acres of land. According to the NFIP, flood damage refers to property damaged by an excess amount of water on land that would normally be dry. Keep in mind the definition of flood damage. For example, landscaping, wells, septic systems, decks and patios, fences, seawalls, hot tubs and swimming poolsįinancial losses caused by business interruptionĬurrency, precious metals, stock certificates and other valuable papersĬars and most self-propelled vehicles, including their parts Temporary housing and additional living expenses incurred while the building is being repaired or is unable to be occupied Additional living expenses are also not covered if your home is uninhabitable.īelow is a more comprehensive list of items not covered by flood insurance according to the NFIP. Get a Quote For Flood Insurance Today! What Isn't Covered by Flood Insurance? And keep in mind that flood damage is not something covered by homeowner's insurance. Valuable items such as original artwork and furs (up to $2,500)Īlways be sure to check with your insurance provider and make sure you know what your policy covers. Personal belongings such as clothing, furniture and electronic equipmentĬarpets not included in building coverage (e.g., carpet installed over wood floors) Permanently installed cabinets, paneling and bookcasesįoundation walls, anchorage systems and staircases.įuel tanks, well water tanks and pumps and solar energy equipmentįlood insurance can cover damage to your home's structure as well as personal property during a flood event. Refrigerators, cooking stoves and built-in appliances like dishwashers Below is a breakdown of coverage between these two types as per the NFIP. The NFIP states coverage is divided into two types building coverage and contents coverage. Here is a breakdown of states with the lowest average cost by flood zone.įlood insurance can cover damage to your home's structure as well as personal property during a flood event. Private insurance rates are cheaper and the coverage is more comprehensive. Low-risk flood zones are marked on flood maps with the letter X. High-risk zones are marked with an A or V on a flood map. Here is a breakdown of states with the highest average cost by flood zone. Below are two maps showing the annual premium averages for both high-risk and low-risk zones throughout the country. The average cost of flood insurance varies by state and flood zone. The Average Cost of Flood Insurance by State
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