Is Flooding Insurance Covered in my Water Damage Insurance?

flood insurance Property Damage Attorneys

Water damage insurance doesn’t cover damage that occurs in a flood. Homeowners must purchase a separate flood insurance policy if they want insurance that covers water damage due to rising lakes, oceans, streams or rivers. 

What Does Flood Insurance Cover? 

The National Flood Insurance Program or NFIP is regulated by the federal government, and it gives you the option of purchasing a plan that will cover your home to a maximum amount of $250,000. It also covers your personal belongings in the amount of $100,000. You have the option of purchasing just one of these policies, but you can also buy both. 

How Much Does Insurance through the NFIP Cost? 

In most cases, you will pay $700 for the year for flood insurance with the NFIP. You will purchase this insurance through an insurance company, so your premium will vary depending upon the company. The best plan is to obtain quotes from several insurance companies to find the best rates. 

The amount that your insurance company will charge you for flood insurance will depend on whether you are in an area at a high risk of flooding or not, the age of your home, the amount of your deductible and the amount of coverage you wish to purchase. 

When You Need an Attorney… 

If you purchase a flood insurance policy, your insurance company may have a disagreement with you about what is covered under the policy. If this happens, you are free to contact property damage lawyers because the insurance company disagrees that the damage to your home was caused by a flood. 

Damage is considered to be caused by a flood if two acres of land are covered by water when they would ordinarily be dry. Also, your home must be one of two or three that were damaged in a flood. To be considered flood damage, the water must have come from waters that were overflowing. It must be from rapidly running water that came from any source, or it may be a river of mud. If you and your insurance agent disagree about where the water came from, a New Haven property damage lawyer will be able to help you with your claim. 

Your insurance company may not allow you to collect a sum of money every time that a flood occurs, but you may disagree with the insurance agent’s decision. This is another time when lawyers for property damage are necessary after a flood. In the event that you make four or more claims that amount to more than $5,000 each, you may encounter this issue. 

Your insurance agent may also limit the amount of money that you can be paid through your policy if you file two claims that add up to more than the total value of your home. In this case, the insurance company may offer you a grant for the purpose of renovating your home so that it isn’t as vulnerable to floods. 

An insurance company will raise your premiums by a substantial amount if you don’t accept the grant and make the changes. If you have a reason that you do not want to accept the grant, you will need to speak to property water damage lawyers before your prices increase. 

If you have questions about flood insurance or your flood insurance policy, an insurance attorney Rhode Island at the Richard Palumbo law office will answer those questions for you. A water damage lawyer will help you if your insurance company denied your claim for damages that you believe are covered. Our attorneys have extended experience forcing insurance companies to live up to their promises, so contact us today so that we can make sure that your insurance company doesn’t take advantage of you.