Flood Insurance is a vital (and often necessary) layer of protection that can help you recover in the event of extensive water damage to your home or property. Learn more about the nature of flooding and types of flood insurance below, or contact the LG Insurance team today to learn about your different options.
What is a Flood?
The basic definition of a flood is water covering land, that is normally dry. Storm Surge, Mud Flow, Collapse of land along the shore and overflow of inland or tidal waters are all considered forms of flooding. Floods are often excluded from your standard homeowners insurance policy and must be treated with separate insurance coverage.
Types of Flood Insurance Coverage:
Flood Insurance for homeowners or property owners is similar. The NFIP (National Flood Insurance Program) has set limits to policy coverage, however additional limits are available in the surplus marketplace. Homeowners can purchase up to $250,000 in building coverage and $100,000 in contents coverage and business owners can purchase up to $500,000 in Building coverage and $500,000 in contents. Contents and Building are two separate policies, even though they are shown in one policy form, because they each have their own deductible.
Flood Insurance for NJ Residents
Flood Insurance is not a guaranteed replacement cost policy, nor is it a valued policy. Flood insurance will only pay to replace what was lost and will account for depreciation in many cases.
Everyone is in a flood zone and it is important to know if you are in a high risk zone or moderate risk zone. Flood maps from FEMA help us to determine your level of risk and an elevation certificate from a surveyor or engineer can help us to calculate the proper premium for your flood insurance policy.
Get a free flood insurance quote!
Contact us today and we’ll prepare flood insurance rates and policy based on your needs. Please call us at (877) 288-7169. We look forward to speaking with you soon.