A flood can affect anyone. Today’s unpredictable weather patterns put even the unlikely places at risk of flooding. The National Flood Insurance Program (NFIP) has been formed to help victims of floods recover financially and offset the devastation.
The NFIP does not sell policies directly to the public. They work with insurance firms like Securum LLC to provide flood insurance for Bellevue, WA. There are two types of flood policies available: the building property and the personal property policy.
Building property policy
Your mortgage company may require building property insurance to preserve the value of the house after flood damage. The mortgage company needs to protect itself against the property’s value dropping below the mortgaged amount resulting from a flood. Therefore, they may insist you purchase flood insurance before they approve your mortgage.
The policy covers the costs of repairs to the structure of the house, garage, and boundary walls. It will not reimburse claims for damaged property like kitchen appliances, furniture, or carpets. That sort of claim will need to be covered by personal property flood insurance.
Personal Property flood insurance
Personal property covers any items inside the house damaged by the flood, e.g., clothing, couches, TVs, etc. It is not compulsory to purchase, but Securum LLC recommends it. Even houses situated a long distance from bodies of water are not immune from flooding. It is always better to be prepared than pay the heavy price of replacing all the flood-damaged personal goods from your own pocket.
So, even if the possibility of flood in Bellevue, WA is remote, you may be required to purchase some form of flood insurance, whether the compulsory or the optional type. In that case, folks at Securum LLC can help you choose the appropriate flood coverage for your circumstances.
