Though floods can seem like an unlikely event, flooding can occur and cause damage to your home no matter where you live. In fact, 5,277 properties in the Idaho Falls area face a risk of flooding throughout the next three decades.
Because standard homeowners insurance doesn’t cover floods, it is crucial to make sure you have taken precautions in the case of the unexpected. Read on to find out how flood insurance claims can protect your belongings and your home after a flood.
Flooding describes an overflow of water onto otherwise dry land. Though some places face a greater risk due to their proximity to large bodies of water, those who do not live in high-risk areas can still be affected by floods.
River floods, flash floods, coastal floods, urban floods, and groundwater floods are some of the main types, and they can happen for a range of different reasons, some of which can be entirely unpredictable and random.
Sometimes, heavy rainfall can lead to flooding if sewage systems and drainage canals are unable to drain the volume of rain falling. Certain areas are more prone to flooding when there is little open soil to retain water.
Flash floods are a specific type of flood that results from excessive rainfall over a short period of time—usually less than six hours. When the ground is no longer able to absorb the amount of rain falling, or when enough water has accumulated in a body of water, it can lead to dangerous, rapid floods that put people and their properties at risk.
Hurricanes and storms can cause storm surges, which are major rises in sea water above typical levels. The strong winds that come with these natural disasters can push water toward the shore and lead to flooding, and this is also made worse by the storm’s rainfall.
The more severe the storm surge is, the farther the water can travel. Storm surges are extremely dangerous and can destroy homes completely.
When snow and ice melt very quickly, it can cause flooding. Sunlight and rain can cause temperatures to rise quickly, ultimately leading to large amounts of snow or ice melting rapidly rather than slowly over a long period.
When this happens, the overflow of water can overwhelm bodies of water and drainage systems alike and lead to flooding.
Even one inch of water can cause $20,000 or more in damage, which can take years to repair without insurance.
Thankfully, flood insurance can help you prepare for these scenarios, protecting two different types of insurable property through building coverage and contents coverage.
Building coverage safeguards your property’s physical structure. Because flooding can harm the framework of your home, this will help you prepare for damage that has been caused to the building itself.
Building coverage protects the following:
Contents coverage, on the other hand, covers your personal items and possessions that are not tied to the property. These are things you use on a daily basis that are not part of the building structure itself.
Contents coverage includes:
Flood insurance claims help you to get reimbursed for the things you’ve lost and the damage that has been done during a flood. Replacement Cost Value (RCV) and Actual Cash Value (ACV) are two common forms of reimbursement.
RCV describes the cost of replacing damaged property with property that is similar in kind and quality. This applies to single-family primary houses that are insured for at least 80% of the property’s replacement cost.
ACV is how all other buildings and their contents are valued, and it describes RCV at the time of the flood minus physical depreciation. All personal property items are always valued using ACV.
The flood insurance claim process involves quick communication, careful documentation, and the assistance of an adjuster so you can begin replacing things that have been damaged or lost.
The claim process consists of the following steps:
At Alpine Castle Lake Insurance, we are committed to connecting clients with the insurance options they need at better rates. Our Idaho Falls property insurance services include homeowners insurance, renters insurance, flood insurance, and more.
When it comes to flood insurance, our team can help you determine coverage and pricing so you can protect your home and its contents in the event of a flood. Reach out today for more information, and we’d be happy to answer any questions you have.