Don’t Get All Wet
It may be essential to life, but water isn’t something you want too much of when it comes to your home. Although homeowners and renters insurance policies cover many risks, they do not include flooding. Therefore, you should consider purchasing a separate flood insurance policy.
Even if you don’t live near water, you may be at risk for flooding owing to storms, melting snow, hurricanes and water backup resulting from inadequate or overloaded drainage systems, dam or levee failure. In fact, floods are the most common natural disaster in the
You can also consult your local building official to find out the expected flooding level in your immediate area. The expected flooding level is often referred to as the base flood elevation or BFE. If your home is in an “A” zone — typically near a river, lake or stream — and the lowest floor is below the BFE, be sure to take precautions such as water-resistant building materials, backflow valves and flood shields.
And consider flood insurance, which covers both direct physical losses caused by floods and losses resulting from flood-related erosion. Be aware, however, that personal belongings stored in a basement, such as furniture, are not covered. Anyone can obtain flood insurance as long as your community participates in the National Flood Insurance Program (NFIP). Contact your Liberty Mutual agent to find out more information about flood insurance in your community. And remember: There is usually a 30-day waiting period before a flood insurance policy can become effective, so don’t wait until the waves are lapping at your door.
These tips brought to you by Liberty Mutual Group and the AICPA Auto and Homeowners Insurance Program. The AICPA Auto and Homeowners Insurance Program offers competitive rates and superior service to AICPA members. For more information, or to request a quote, call toll-free 1-866-92-AICPA (1-866-922-4272).
Reprinted with permission from
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