Many homeowners mistakenly believe that their regular homeowners insurance policy provides coverage in the event of flooding. The typical homeowners insurance and renters insurance policy does not cover flood damage, but add-on coverage is available for those who have a home in an area where flooding may occur or if your mortgage company requires it. Even if you don’t live in a flood plain, remember that flooding can happen due to an overflowing creek or river, water running down a nearby hill or melting snow.
Flood insurance will cover the replacement cost for the structure of your home as well as actual cash value for personal possessions, up to the amount which is specified in your policy. You’ll need to work with your local agent at Gant Insurance Agency to determine how much coverage is right for your home.
You also need to make sure you have policy in place as soon as possible since there may be a waiting period of 30 days, or more, before your coverage takes effect. Flooding can occur anytime during the year, so this is not a task that should be put off.
To find out how to get the right flooding insurance policy in the McKinney area, contact Gant Insurance Agency today.
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