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Does Your Policy Covers Flood Damage Claims?

September 29, 2011 | Comments: 0 | Views: 165

Flood damage is covered! Think again? Have you ever took time to read your policy, that whether your policy covers flood damage or not. Flood damage refers to the destruction which is caused by natural and unforeseen events which results in excessive flow of water causing enormous amount of destruction whatever comes in its way. That may be your house, your car, your shop, or even you as may be the case.

We are always contended with the approach that our policy covers everything but eventually when something like a flood sweeps away the entire town, we realize that our policy doesn't. This was the case when in Atlanta, U.S. when a hurricane Fred stroked and caused a destruction of 250 million dollars in which many people did not have flood damage policies.

Always consider few things while taking a policy

While you are calling your agent for your insurance policy always consider few things in mind. The important facts to be considered as listed below:

· Always have a policy which covers flood damage by natural disasters as well as water damage caused by pipe leakage or sewerage brokerage.

· Always read the entire policy to know about the terms and conditions of the policy you are availing of.

· Always have the policy which contains the correct estimation of the property and assets. Paying premium for less value of the true amount would lead to failure if the disaster strikes, then you won't be able to get the desired actual amount of the loss.

· The flood damage policy is not included in the normal policy of water damage and has to be included by you in the policy itself. Remember water damage and flood damage are two separate things and special attention should be given while buying a policy which might help you in the hour of need.

· If you live near a sea area or any flood prone area, you must have an insurance policy to cover up for all your losses.

· Do not over estimate the estimated amount in your policy as it is you who has the pay the yearly premium of the policy.

Don't need it! Think again

Flood damage requires immediate actions to be taken to prevent further losses. Whenever you are in a middle of a natural calamity, your first instinct is to rise up and be safe from the disaster and then rebuild whatever is loss. In the recent years various events like Tsunami, floods in Pakistan and other floods in Asian countries left people in vain in a matter of seconds in which water came from all sides and took everything they had, their homes, car and many more even their loved ones. such damages have a great impact on the lives of the people who survive the flood. In India, a flood came in Leh Ladakh which washed an entire town in an overnight. Most of the people didn't had any insurance of any sort and still are finding hard to rebuild their homes and carry out their day to day lives.

Flood damages have forced people to think what can be done to be secure if they survive from the flood. So think again? Don't you need a policy or a policy which covers various consequences of flood damage which helps you in the restoration process after the flood.

Here is a line which you might have heard many a times from your agents and various insurance companies 'it's better to have a policy to cover up for your losses than to have you rebuild the entire thing again.'

Source: EzineArticles
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