Purchasing flood insurance will help protect the things you value. The NFIP offers two types of coverage – building coverage and contents coverage – to protect your home and belongings. Here are examples of what’s covered with NFIP flood insurance:
Building Coverage Protects:
Contents Coverage Protects:
When determining coverage, the cause of flooding matters. Flood insurance covers losses directly caused by flooding. In simple terms, a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. For example, damage caused by a sewer backup is covered if the backup is a direct result of flooding. If the sewer backup is not caused directly by flooding the damage is not covered.
Two of the most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.
Let one of our knowledgeable agents at Multy Cover Corp. / Parrinelli Insurance Agency help provide you with the proper coverage and policy you require for your Flood policy. We can be reached at 631-588-8888 or email us at Insure@multycover.net we’re here to help.