Flood insurance is a necessity if you live in or around Miami, FL. You especially need a good policy if you own property in a hurricane or tornado zone. Many Floridians purchase flood insurance without understanding the benefits of their policy. How does flood insurance work? Also, when can you file a claim for coverage? The agents at B & G Insurance can help you understand your policy?
What does flood insurance cover?
Flood insurance pays for damage to the structure of your property caused by natural disasters that lead to flooding. A hurricane that destroys your guest house is an instance where flood insurance would be helpful. A good policy may also pay for the loss of personal items.
Flood insurance does not cover damage to the structure or personal items due to a leaking pipe that destroys part of your home. A standard home insurance policy may suffice for such an incident.
How does flood insurance work?
Flood insurance works like any other indemnity policy in Miami FL. You document evidence of damages first and file a claim with your provider second after an incident.
Some policyholders rely on photographs to tell the story of their loss. Using pictures and video footage, however, may be more beneficial to your claim in Miami FL.
How much does flood insurance cover?
Flood insurance pays up to your policy’s limits. You are responsible for the remaining balance, if any, after your plan has been exhausted.
Some policyholders purchase the cheapest flood insurance plan without having savings in the bank. They face financial hardship when a disaster destroys their home because of low policy limits.
It is best to speak with a professional before deciding how much flood insurance you should buy. B & G Insurance can work with your budget and lifestyle preferences so you have the plan that best suits your family. Call B & G today to learn more about flood insurance.