New Jersey was recently named one of the top 10 states in the country most at risk for flooding. So it’s no surprise that many residents choose to purchase flood insurance to protect their homes and belongings. Creative Risk Management LLC can assist you with everything you need to know about flood insurance coverage in New Jersey.
What Does Flood Insurance Cover?
Most standard homeowners insurance policies do not cover damage caused by flooding. So if your home is damaged or destroyed by a flood, you could be left footing a very large repair bill. A separate flood insurance policy can help cover the cost of repairing or rebuilding your home if it is damaged by a flood.
Flood insurance can also help cover the cost of replacing your personal belongings, such as furniture, clothing, and appliances.
However, some things are excluded from most standard flood insurance policies, including:
- Damage caused by earth movement (such as earthquakes or landslides)
- Damage caused by sewage backup (unless you have purchased additional coverage for this)
- Mold or other fungal growth (unless it occurs as a direct result of a covered event, such as a burst pipe)
- Damage caused by war or nuclear accidents
- Losses incurred while your home is unoccupied for more than 30 days
Get The Right Coverage For Your Needs
Now that you know what’s NOT covered by flood insurance, you can make an informed decision about whether or not purchasing a policy is right for you. Remember that even if you don’t live in a high-risk area, your home could still be damaged by a flash flood or another type of flooding event. Contact Creative Risk Management LLC today and we can help you make the right decisions for you.
