In the past 3 years New Jersey residents, on multiple occasions, have had to ask their insurance broker what does my homeowner’s insurance cover when it floods? New Jersey residents have been the recipients of some of the worst weather related damage to their homes in over a century. Between Hurricane Sandy, Irene and others, home owners have been put to the test with regard to exactly what their homeowner’s insurance policies.
I know I lived in my home for 14 years before making a claim and then had to make one and then again a year later due to another storm knocking out the electricity which in turn cut off the sump pumps and flooded the basement for a second time in 15 months. Of course, while we had paid the premiums for 14 years without any claims, the 2 claims so close together were enough for the insurance company to decide not to cover us anymore. Nice job Chubb!
Since the devastation of the Sandy storm FEMA is going to actually re-draw the flood zone maps to make them larger. This means more homes will fall into designated “flood zones” than years prior. For smeone who is considering selling their home in a designated flood zone, this can be quite a challenge. Most buyers shy away from searching for homes that are situated within flood zones.
However, if you do find yourself living in, or thinking of living in a flood zone there is insureance to cover you. A certified flood insurance broker can help you to get coverage. It may be expensive, but chances are the price of the house will be lower. And remember, just becasue it is in a flood zone it doesn’t mean it is guranteed to flood. With the right precautions taken you may never see water in your basement.
To learn more about flood insurance feel free to contact:
Thurman McKoy – McKoy Agency LLC. He is a very trustworthy professional and he knows the market. You can learn more aobut him, the various options for coverage etc on his website www.farmersagent.com/tmckoy