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This first section of coverage provides coverage for the actual home itself. It is important that the value limit of this coverage be set to at least the amount equal to what it would cost to rebuild your home, otherwise known as your replacement cost coverage. Mortgage lenders also require for homes to be insured at least to their replacement cost.
The Other Structures section provides coverage for other structures on your property. Some examples include fences, sheds, and detached garages. Typically this coverage is set to about 10% of your Coverage A, but it should be adjusted up if there is a need for increased coverage limits.
Section C of the policy provides coverage protection for personal belongings. One easy way to describe what this covers is if a house was to be turned upside down and shaken, what would fall out is what would apply to this coverage section. Examples of personal property include, furniture, electronics, clothes and toys.
This coverage provides for reimbursement for additional living expenses in the case that a covered peril caues damage to your home that makes it unlivable. In this case you may need to move out of the home and rent a different home or a hotel room in the interim. Typically this is limited in terms of time and cost defined by the policy.
Coverage E is the policy's provision for liability coverage. This section provides protection against things like medical bills and legal fees if someone happens to be injured on your property or in the case you are found liable, ie if your dog bites someone. Certain factors can make your home more risky in this regard. Examples include trampolines and pools. It is important to safeguard these areas of your home from children.
The final section of the policy is Coverage F. This section provides protection against payments for minor medical bills to those injured on your property. The typical coverage amount for a standard policy is limited to $5,000 per claim. It is possible for this portion of the policy to provide a payout even when the injury was not your fault.
Flood insurance is the most common cause of loss from a natural disaster.
Flood insurance covers losses directly caused by flooding. Flooding is defined as rising water. It is defined as an excess of water on land that is normally dry, affecting tow or more acres of land or two or more properties.
States do not require homeowners to purchase flood insurance. If a home is in a high-risk flood zone, as determined by FEMA, a lender will typically require the homeowner to purchase and maintain flood insurance at all times.
Insurance premiums are based on risk of loss. The higher the probability of loss, the higher the cost to insurance against that risk. The more likely a home is prone to flooding, the more expensive the flood insurance will be.
Floods are the most common type of natural disaster in the world. Over 40% of natural catastrophes involve flooding.
An elevation certificate (EC) is a document that is prepared by a licensed surveyor. It should include the FEMA's Flood Insurance Rate Map, flood elevation, flood zone, and other details about the building.
Home insurance, or homeowners insurance, does not typically cover damages or losses caused by flooding. It is recommended that homeowners purchase a separate flood insurance policy to protect against this risk.
FEMA is short for the Federal Emergency Management Agency. It is an agency of the United States Department of Homeland Secuirty. It was initially created under President Jimmy Carter.
NFIP is short for the National Flood Insurance Program. It was created in 1968 by the Congress of the United States. The program has two purposes. The first purpose being to share the risk of flood losses through flood insurance. The second to reduce flood damages by restricting floodplain development.
Additional Living Expense is not typically covered by flood insurance.
Zones V, VE, A or AE are all designated as special flood hazard area zones. This means that these properties are projected to have a greater than one percent change of flooding in any given year.