What You Need to Know About Flood Insurance & Hurricane Season

Posted By: Team Moody,

Hurricane season 2020 began with Tropical Storm Arthur’s formation on May 16th, even though the official hurricane season run from June 1st to November 30th. If you live in a hurricane-prone region, you need to be prepared before you find yourself caught in the grip of a storm. Knowing your flood insurance policy provides you with the protection you need is a key factor in storm preparedness.

First Step: Get Covered

How many hurricanes will there be in 2020? While it’s hard to know with certainty, NOAA predicts an active season this year, with more named storms than average. For those who live in the Southern and Eastern coastal regions, you are at greater risk of flooding this season. However, standard homeowner’s insurance does not cover the cost of damages incurred from a hurricane.

A separate flood insurance policy can protect your home and belongings from the flooding that severe storms frequently cause, especially since hurricane season 2020 is just getting underway. It is imperative to procure your policy as soon as possible, as insurance companies require a 30-day waiting period before your insurance is effective. Delaying coverage could result in devastating and unrecoverable losses should you find yourself in the path of a hurricane before your policy takes effect.

Protect Your House and Its Contents

Storm surges, along with dam and dike failures, are common causes for flood damage to structures during hurricanes and tropical storms, resulting in costly repairs and losses. Your policy needs to adequately cover your house and its contents. The coverage for each is separate, so work with your agent to determine how much protection you require to keep your assets safe.

The predictions for hurricane season 2020 reflect the trends for increased storm activity and intensity that have occurred in past years. It is important that you take necessary precautions to safeguard your house and belongings, such as taking valuables to upper floors or raising them off the ground and making sure your roof is in good condition. Flood insurance provides valuable assistance in recovering damages, but when losses are catastrophic, it cannot provide dollar-for-dollar replacement costs.

Know the Conditions and Limitations

Your flood insurance policy is great protection against financial devastation as a result of storm damage, but there are conditions and limitations to coverage. Understanding these is critical in your preparations for hurricane season 2020. Some of these include:

  • Coverage is often limited to damage from water that comes from outside of your home, thus it does not include flooding toilets or bursting pipes.
  • Policies typically do not provide for living expenses should your home become unlivable due to flood damage.
  • Flood insurance does not cover damage or losses to items in the basement, even if your basement has been converted into a living space.

Moody Insurance Worldwide Protection

Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.