- Flood Insurance
- What is Flood Insurance?
- Benefits of Owning Flood Insurance
- What is Covered Under Flood Insurance?
- What is not covered under Flood Insurance?
Floods don’t announce their arrival. Even a couple of extra centimeters of rain or an unprecedented monsoon season can prove colossal damage for local homes. In such situations, owning flood insurance will not only give you peace of mind but will also keep you financially protected in case of any unplanned liabilities arising out of a natural disaster. This article will help you understand everything you wanted to know about flood insurance.Read more
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Table of Content
Flood Insurance is a sub-type of house insurance that covers property damaged by excessive water entering the house due to a flood. Since floods are a common occurrence in India due to its geographical diversity, a lot of regions have a high risk of being affected by floods and even by other natural disasters, such as storms, cyclones, and avalanches.
Flood Insurance works like any other insurance services. There is an annual premium to be paid which is estimated based on the damage risk of the house to be insured and the choice of deductibles. If the house or its contents are damaged in the event of a flood, the policyholder will receive the compensation amount for repairs or replacement.
Flood insurance is served as a distinct home insurance policy that provides coverage for buildings, the home owner's contents, and any other financial asset that would be affected by the flood. Such coverage include compensation for both repairs and total loss/damage. Following are the benefits of a flood insurance policy:
Following incidents are covered under a flood insurance policy:
Flood insurance companies exclude the following adversities from their insurance policies:
Follow these easy steps to file a flood insurance claim in the case of a mishap caused by floods:
The first step involves notifying your insurance company immediately after you witness the mishap in your house. Make sure that you keep your policy document handy. You can raise a claim by either calling your insurer on the emergency contact number mentioned in your policy document or even mail them using your registered email ID.
One of the most important steps in this process is to document the damages caused to your property. This is crucial as without any substantial evidence your insurer might deny you any compensation amount for the raised claim. So, make sure that you click clear photographs of the damage.
In addition to documenting all the damaged items with a camera, make sure that you prepare an inventory that includes a list of all the damaged items, their monetary value, date of purchase, original invoice/bills that you may have kept, and send them to your flood insurance company.
Once all the documents have been sent by you to the insurer. They will now send an agent for an inspection to verify all the listed damaged items and their photographs which were shared by you while raising a claim with the insurer.
After the inspection is done and the documents and their amounts have been verified, your claim will be approved. The insurer will then initiate the process of the compensation.
Once you have bought a flood insurance policy, make sure that you retain it by renewing it before the tenure of the policy ends. This will enable you to recover faster in the event of a mishap.
You can easily renew flood insurance online. All you need to do is go to your flood insurance company’s website and log in to your existing account with your policy number and other credentials. You can then pay the flood insurance renewal premium and renew your flood insurance policy.
You can easily look for an affordable flood insurance quote on Policybazaar Insurance Brokers Private Limited and find the most appropriate flood insurance online that suits your requirements.
No, your flood insurance policy is a sub-part of your home insurance policy and will only provide coverage for any damages sustained by your house.
No. Since the premium depends on a lot of factors, flood insurance cost generally varies between two houses.
The cost of the flood insurance policy depends on a lot of factors. These factors include the location of your house, the size of the house, the structural strength of the house as well as the risk of floods in your locality.