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The Basics of Flood Insurance: Extra Protection Not Included With Regular Home Coverage

With the increase in severe weather events that the US, including West Virginia, is experiencing lately, the risk of floods has gone up too. If you live in an area at risk of flooding, you should consider a flood insurance policy to protect your property. Here are the basics about this extra protection in case a disaster strikes.

Your Home Insurance Does Not Cover Floods

Most folks aren’t aware that their home insurance policies do not include coverage for floods. You must purchase separate flood insurance for damage related to this type of natural disaster. It’s relatively easy to add a flood insurance policy to your home coverage, but you should understand what it covers and how it works.

What Flood Insurance Covers

Flood insurance covers both the structure of your home and its contents, broken into two components:

  • Building coverage for your dwelling, including the foundation, electrical system, plumbing system, HVAC system, water heater, built-in appliances, and permanently installed carpeting
  • Contents coverage for your belongings, including furniture, electronics, curtains, portable appliances (including washers and dryers) and air conditioners, clothing, and other personal effects

Your personal property is reimbursed using actual cash value (ACV), which deducts for depreciation due to wear and tear over time. Most property owners elect to get replacement cost value (RCV) for their building, which pays up to 80 percent of replacing or reconstructing the home at whatever the current cost is.

How Flood Insurance Works

Depending on where you live, you may be eligible for flood insurance via the National Flood Insurance Program (NFIP), which was created in 1968. If your community participates in this program and implements strategies to meet or exceed FEMA requirements to reduce flooding risks, you can purchase NFIP insurance.

For those who aren’t able to get NFIP flood insurance, private flood insurance is another option. It’s a bit more expensive, but it gives you the peace of mind of knowing your home is covered should a flood occur.

Let Our Independent Agents Help You Find the Right Flood Insurance Policy

If you’re shopping for flood insurance, our independent agents can help you determine if you’re eligible for NFIP insurance or assist you in purchasing private flood insurance. You’ll enjoy the personalized service you get at Wickline Insurance, which you don’t find everywhere today. Call us at 304-252-1483 with your questions, or start your flood insurance policy online via our easy contact and information form.