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Queens, NY 11354

How Does Flood Insurance Work?

a light sign flooded by water

Flood insurance is a specialized type of insurance that provides protection against damage caused by floods. Oneprime insurance brokerage can help you understand how flood insurance works and ensure that you have the appropriate coverage in place.

Flood insurance is typically provided by the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). NFIP policies are sold and serviced by insurance agents, like Oneprime, who are authorized to participate in the program.

Flood insurance policies have two types of coverage: building property coverage and personal property coverage. Building property coverage protects the structure of your home, including the foundation, walls, and roof. Personal property coverage protects your personal belongings, such as furniture, electronics, and clothing.

Flood insurance policies have specific limits of coverage, which are based on the value of your property and personal belongings. It’s important to review your policy limits and ensure that they are adequate for your needs.

Flood insurance policies also have deductibles, which are the amount you must pay out of pocket before your insurance coverage kicks in. The deductible for building property coverage and personal property coverage may be different, so it’s important to review your policy carefully.

Flood insurance policies also have waiting periods, which are the amount of time that must pass before your coverage becomes effective. The waiting period for building property coverage is typically 30 days, while the waiting period for personal property coverage is typically 60 days.

In conclusion, flood insurance is a specialized type of insurance that provides protection against damage caused by floods. Oneprime insurance brokerage can help you understand how flood insurance works and ensure that you have the appropriate coverage in place. Flood insurance policies have specific limits of coverage and deductibles, and they also have waiting periods before coverage becomes effective. By understanding how flood insurance works and working with a knowledgeable insurance agent, you can protect your home and personal belongings from the devastating effects of floods.

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