Countless types of insurance are available to modern American consumers. One more specific type of property or home insurance is flood insurance. People don’t understand even more popular types of insurance, let alone the more obscure flood insurance – these are the basics of flood insurance for Lancaster, PA, homes.
Understanding the National Flood Insurance Program
Over 50 years ago, U.S. Congress formed the National Flood Insurance Program, or NFIP for short. This program does two things: prevents floodplains from further developing throughout the nation and to offer flood insurance to interested Americans, in turn effectively sharing the otherwise-devastating costs of flood damage on a national level.
What Does Flood Insurance Cover?
The two major types of flood insurance, according to the Federal Emergency Management Administration (FEMA), are building property coverage and personal contents coverage. The latter insures some appliances, the food they contain, a limited dollar value of valuables, electronics, furniture, and clothes. Building property covers your home’s structure, its electrical system, its plumbing, its HVAC system, cabinets, and detached garages.
What Doesn’t Flood Insurance Cover?
Mold, mildew, and moisture damage deemed likely preventable by homeowners isn’t covered. Cash, precious metals, and other paper-based assets of value. The cost of temporary housing isn’t covered, nor are vehicles, septic systems, landscaping, decks, patios, fences, wells, or pools.
You Can Save With This Flood Insurance
Susquehanna Insurance Management Ltd. has long provided homeowners with flood insurance in Lancaster, PA. Visit Susquehannains.com for more information!
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