Too often we hear about the lack of Flood or Earthquake insurance after a loss. At Dickstein Associates Agency we are diligent about discussing the need for these coverages, depending on where our clients live. That’s because Homeowners insurance does not provide protection against these perils.
You need additional coverage to keep your home safe and your possessions secure against damage to your property resulting from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, snow melts, etc. Remember, you don’t necessarily need to live near the coast to need Flood insurance.
If you live in a community that participates in the National Flood Insurance Program (NFIP), your property and its contents can be covered by a standard Flood insurance policy. The policy covers direct physical damage to an insured property up to $250,000, but it doesn’t typically cover a home’s contents. For that, you need to enhance your Food policy with additional coverage, which is available up to $100,000.
If your home is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase Flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small or a larger flood that has extended into your low-risk area. In truth, many Flood insurance claims occur in low-to-moderate risk areas.
We can also provide Excess Flood insurance for high net worth homes and their contents. An Excess policy may also pay for living expenses away from home while the damaged structure is repaired.
Inside Earthquake Insurance
Although 90% of Americans live in seismically active areas, few homeowners ever consider Earthquake insurance. In fact, even in California, only 12% of homeowners buy the coverage. Questions to consider when evaluating whether or not to purchase Earthquake insurance:
The cost for Earthquake insurance varies depending on the area. In addition, deductibles for Earthquake insurance plans are higher than those in standard Homeowners or Renters insurance, usually from five to 15 percent of the policy limit.
Our staff will go over your particular situation to determine your specific exposures and the policies you need for proper protection.
New Jersey, New York, Pennsylvania, Delaware, Florida, Iowa, Illinois, Indiana, Maryland, Michigan and Utah.