Renters Flood Insurance
Renters flood insurance is not high on most apartment occupants' minds in everyday living. Often the comfort of having renters insurance can lull some into a false sense of security when it comes to water damage. As much as we all might hate it, insurance is a profit driven game, and companies do want people buying as many policies as they can afford. The result is that homeowner's insurance can often come to the rescue when it comes to grandma falling off the front porch and her medical bills need attention. But it won't cover water damage in or outside the house for any reason. And that becomes a real issue if Hurricane Matilda decides to stall out over Arkansas or the storm drain across the street backs up and there is black water three inches deep in the apartment building where you live.
The United States through the auspices of the Federal Emergency Management Administration (FEMA) has mandated flood zones throughout the country that are deemed low to high risk for possible water damage in case of deluge. Homeowners are mandated in high risk areas to own this protection in order to have a mortgage for their homes, but renters flood insurance is purely optional. The owner of the apartment building is not responsible for paying for water damage losses unless they are caused by faulty plumbing, but that liability can be limited and no assumptions should be made until talking with an attorney. Since any storm sewer can overfill and spill out into surrounding residences, even in places never thought to be vulnerable can be at risk for flooding, even from just an over exuberant but routine thunderstorm. This should not be surprising since more and more land is being covered by asphalt and leveled forests and over building has sparked run off more than ever, a three inch flood in one's apartment can certainly not be of any surprise.
What should be of surprise however is the cost of replacing many belongings and possession with even a low level flooding as just mentioned. Take a good look around and the electronics, lamps and furnishings that might need replaced if three inches of sewer water came into one's apartment. How much could things cost in replacement value? Consider then what a ten inch flooding condition could do and if one lives in a high risk flood plain on the first floor of a building, imagine all of loss that could be incurred with that kind of deluge. The closer a person's apartment is to the nearest storm drain, the nearest creek or river or lake or proximity to the oceans or the Gulf, the more important renters flood insurance becomes for consideration.
Renters flood insurance is not available for everyone who desires to have it. The National Flood Insurance Program is extended to about 20,000 communities across the country that have a relationship with this program. Through it about one hundred insurers, many of national repute, offer renters flood insurance to individuals living in those communities. These insurers can be found on the Internet by typing in flood insurance and all have nearly the same price for the coverage. When hard times come, like a flood, and threaten to sweep away all that we have worked so hard to have, remember these words from the psalmist. "God is our refuge and strength, a very present help in trouble. Though the waters thereof roar and be troubled, though the mountains shake with the swelling thereof. The Lord of hosts is with us; the God of Jacob is our refuge." (Psalm 46:1, 3, 7)
The cost to have one's belongings covered in an apartment flood is similar to the cost of homeowner's water damage coverage. In a low risk zone that has been determined by FEMA, eight thousand dollars of property value covered in an apartment deluge of water is only thirty nine dollars a year. Twelve thousand dollars of content protection is but fifty three dollars. In a high risk area, ten thousand dollars of renters flood insurance content coverage will cost one hundred and forty five dollars a year. In the highest risk of the three types of zones, coastal high risk, ten thousand dollars of coverage will cost one hundred and seventy six dollars a year.
The question on some renter's minds might be similar to,"Do I need renters flood insurance?" Frankly, that is the same question most people have about all non-required insurance. Boat coverage, dog liability indemnity, life insurance and those extended warranties for appliances and electronics always being shoved in our faces make us wonder how much coverage we really need if any. In many cases, there is that day of sadness when we know we could have and should have but didn't. One of the truths about any insurance is that room can almost always be found in a budget for that which one really believes is important.
It's just too late to get renters flood insurance when the TV weatherperson announces that Matilda has stalled over your state and historic flooding is to be expected. There is a thirty day waiting period after it has been purchased for the policy to go into effect. Take the time to find out if your apartment is in a high risk zone. FEMA's website has direct access to maps of the city or township in which you abide and from that information a person can find out exactly what the scoop is on your location. You may not have Matilda ever come visit, but about that pesky storm drain?
The United States through the auspices of the Federal Emergency Management Administration (FEMA) has mandated flood zones throughout the country that are deemed low to high risk for possible water damage in case of deluge. Homeowners are mandated in high risk areas to own this protection in order to have a mortgage for their homes, but renters flood insurance is purely optional. The owner of the apartment building is not responsible for paying for water damage losses unless they are caused by faulty plumbing, but that liability can be limited and no assumptions should be made until talking with an attorney. Since any storm sewer can overfill and spill out into surrounding residences, even in places never thought to be vulnerable can be at risk for flooding, even from just an over exuberant but routine thunderstorm. This should not be surprising since more and more land is being covered by asphalt and leveled forests and over building has sparked run off more than ever, a three inch flood in one's apartment can certainly not be of any surprise.
What should be of surprise however is the cost of replacing many belongings and possession with even a low level flooding as just mentioned. Take a good look around and the electronics, lamps and furnishings that might need replaced if three inches of sewer water came into one's apartment. How much could things cost in replacement value? Consider then what a ten inch flooding condition could do and if one lives in a high risk flood plain on the first floor of a building, imagine all of loss that could be incurred with that kind of deluge. The closer a person's apartment is to the nearest storm drain, the nearest creek or river or lake or proximity to the oceans or the Gulf, the more important renters flood insurance becomes for consideration.
Renters flood insurance is not available for everyone who desires to have it. The National Flood Insurance Program is extended to about 20,000 communities across the country that have a relationship with this program. Through it about one hundred insurers, many of national repute, offer renters flood insurance to individuals living in those communities. These insurers can be found on the Internet by typing in flood insurance and all have nearly the same price for the coverage. When hard times come, like a flood, and threaten to sweep away all that we have worked so hard to have, remember these words from the psalmist. "God is our refuge and strength, a very present help in trouble. Though the waters thereof roar and be troubled, though the mountains shake with the swelling thereof. The Lord of hosts is with us; the God of Jacob is our refuge." (Psalm 46:1, 3, 7)
The cost to have one's belongings covered in an apartment flood is similar to the cost of homeowner's water damage coverage. In a low risk zone that has been determined by FEMA, eight thousand dollars of property value covered in an apartment deluge of water is only thirty nine dollars a year. Twelve thousand dollars of content protection is but fifty three dollars. In a high risk area, ten thousand dollars of renters flood insurance content coverage will cost one hundred and forty five dollars a year. In the highest risk of the three types of zones, coastal high risk, ten thousand dollars of coverage will cost one hundred and seventy six dollars a year.
The question on some renter's minds might be similar to,"Do I need renters flood insurance?" Frankly, that is the same question most people have about all non-required insurance. Boat coverage, dog liability indemnity, life insurance and those extended warranties for appliances and electronics always being shoved in our faces make us wonder how much coverage we really need if any. In many cases, there is that day of sadness when we know we could have and should have but didn't. One of the truths about any insurance is that room can almost always be found in a budget for that which one really believes is important.
It's just too late to get renters flood insurance when the TV weatherperson announces that Matilda has stalled over your state and historic flooding is to be expected. There is a thirty day waiting period after it has been purchased for the policy to go into effect. Take the time to find out if your apartment is in a high risk zone. FEMA's website has direct access to maps of the city or township in which you abide and from that information a person can find out exactly what the scoop is on your location. You may not have Matilda ever come visit, but about that pesky storm drain?
Renters Flood Insurance
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Reviewed by Anonymous
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2:36 PM
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