Cincinnati Water Damage: Article About Flood Insurance
A homeowner should be vigilant when caring for their property. At any point, an unforeseen event could lead to financially devastating consequences. Due to the rising water levels in the Ohio and Little Miami rivers, Cincinnati water damage should be considered as a serious and regular concern, and homeowners should look into insuring their home against flood damage.
Flood waters aren't the only threat to homeowners. In fact, most water damage occurs due to faulty pipes, appliance mishaps, and backed up sewage lines. Although this type of damage can be very destructive and expensive, many insurance policies cover water damage and the accompanying restoration. Unfortunately, flood damage is seldom covered by a typical policy. Homeowners must instead purchase a separate flood insurance policy.
Like all insurance policies, the coverage of flood insurance varies greatly. The best insurance covers the cost of all contents and restoration involved. Some contractors who restore homes that are damaged by flooding will accept insurance policies, but most work with the homeowner directly. The homeowner will then need to be reimbursed by their insurance agency. Deductibles, the amount that the policy holder must pay out of pocket, also vary. However, most flood insurance policies have separate deductibles for damage to the home and damage to the contents inside of the home.
The water damage experts at Griffin Contracting and Restoration of Cincinnati OH can assist you with any questions regarding sump pump back ups or flooding damage.
Nearly everyone can benefit from flood insurance despite their risk factors. Approximately 20 percent of flood insurance claims come from those who have moderate to low risk homes. Those in high risk homes who have a mortgage are usually compelled to purchase flood insurance. The premium of flood insurance is based on a number of factors. These include the value of the home and its contents, the level of flood risk, the year of construction, and the amount of the deductible. The average cost of flood insurance is about $700 per year, making it a worthwhile investment when battling the wrath of Mother Nature.
If a home is damaged by flooding, homeowners should check their insurance policies to learn how to file claims. Some policies may require that claims be filed before restoration takes place. Others may need to have direct contact with the company that performs the water damage restoration. Many have a time limit on when a claim can be filed. In any case, it is always a good idea to make sure that the policy's requirements are precisely followed so homeowners can experience as little financial loss as possible.