While fire may be a common concern among homeowners, Travelers claim data suggests that homes could be as much as 10 times more likely to be damaged by water than by fire.
One significant source of water damage to property can come from weather-related moisture or flooding, including: flooding from heavy rains, flash floods, dam and levee failures, tidal storm surges and mudflows. New construction development of buildings, roads or bridges can often alter the potential and flow of floods.
Being located within a high risk flood zone can put individuals at higher risk, but being outside a high risk zone does not mean homeowners are safe: flooding is always a possibility due to causes such as heavy rains, snowmelt and spring thaws.
Why should you consider purchasing flood insurance?
The average cost for homeowner flood loss from 2007 to 2011 was $30,000, according to the National Flood Insurance Program (NFIP). While floods can cause major destruction, the damage caused by floods is not covered by standard homeowners insurance policies. Talk to your independent agent or Travelers representative about your flood insurance risk and the benefits of a flood insurance policy.
A flood insurance policy provides specialized coverage to help you protect your home and condo from rising waters. Costs vary depending on how much insurance is purchased, the date and type of construction, and the property's flood risk. In general, flood policies can provide coverage for your home's structure, furnace, water heater, furniture, appliances, clothing, rugs (with certain limitations for basement areas) and certain expenses you incur to protect your home from imminent flood damage and clean up costs. Generally, there is a 30-day waiting period from date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance. If you have any questions regarding homeowners insurance or flood insurance, contact your agent or company representative.
Learn how to help protect your property before, during and after a flood
In addition to purchasing the right insurance coverage, there are a number of things you can do to help minimize or prevent water damage to your property.
Wash and disinfect all areas that have been flooded. This includes walls, floors, closets, shelves, as well as heating and air-conditioning systems. Do not energize electrical or electronic equipment that may have suffered water damage without first having a qualified electrician inspect and/or test it.
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