The state of Texas has creeks, bayous, coasts, and river shorelines in different parts of its counties, which will rise and fall at different times. Flooding is not a stranger in many parts of Texas. According to FEMA, just an inch of floodwater can result in damage that costs up to $25,000. A Scientific American article estimates that with climate change, costs due to flooding will rise steadily.
Flood damage restoration can be expensive, and homeowners need to plan accordingly. Proven Restoration LLC provides flood damage restoration services in Kingwood, TX, and surrounding areas. In this article, Proven restoration LLC discusses what homeowners must know about insurance coverage for flood damage restoration.
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All types of harm that result from flooding can be termed flood damage. When it rains heavily, and the stormwater drainage is overburdened or ineffective, it can cause floods. Sometimes storm-surge floods happen with prolonged heavy rainfall, hurricanes, or tropical storms.
Does Home Insurance Cover Flood Damage Restoration?
Homeowners' insurance policies cover the costs of home repairs necessary after several natural disasters. Snow, wind, hail, or lightning can all cause property damage that a homeowner's insurance may cover. Sudden and accidental water damage, like flooding from a burst pipe, is covered by homeowners' insurance. But, flood damage after a storm or due to flooding from a nearby water body is not covered by standard homeowners' insurance policies. Standard renters' insurance covers water damage due to overflow from plumbing or appliances. But, it does not cover flood damage restoration costs.
Flood Insurance
The costs of physical damage sustained by property and possessions are covered by flood insurance. Flood insurance is a separate policy that covers homes and belongings. Though a flood insurance rider is an extra expense, in the event flood damage restoration is needed, flood insurance will offer some relief.
Homeowners must find out what a flood insurance policy covers from their insurance agent or company. The amount of coverage that can be purchased and the deductible required for flood damage must be understood. The policy costs and premiums can vary according to the flood risk of the location.
If the home is in a flood-prone area, affordable flood insurance is difficult to find, and The National Flood Insurance Program might be of assistance. Flood insurance purchased through NFIP is subsidized by the federal government.
Why Is Flood Insurance Needed?
Just 3 inches of flood damage can result in damages that require repair or replacement of building materials and objects in a home. Floodwater is considered contaminated, and it is safer to handle by flood damage restoration professionals. Delaying the restoration process can cause more damage and increase restoration costs further. Proven Restoration LLC is a water damage restoration company that handles flood damage.
Homeowners with homes in high-risk flood areas will need flood insurance. Many assume they do not need flood insurance because the area they live in is not prone to floods. However, flood damage can occur during severe weather. It can be catastrophic, necessitating flood damage restoration, which is costly. There is a 30-day waiting period before most flood insurance policies are active, so it is safer to purchase one early.
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Lenders (that are federally regulated or insured) require borrowers to buy flood insurance as per the guidelines of FEMA. Home loans from a private lender may also require flood insurance.
Proven Restoration LLC prioritizes the safety and well-being of the community. The company wants homeowners to know that standard insurance policies might not cover flood damage restoration costs. Homeowners can talk to a private insurance company about a flood insurance policy or check options from NFIP. For reliable, thorough, and swift flood damage restoration in Kingwood, TX, homeowners can call Proven Restoration LLC at (713) 906-5133.
