Category: Flood Insurance

Ensuring your home against flood damage is essential, but you may find yourself pondering which type of flood insurance to choose. What’s the difference between NFIP and a private flood policy? Contact us at Bonvenuto Financial Group LLC, in Uniontown, OH, for guidance on flood insurance.

Two Types of Flood Insurance

Until 2012, the NFIP, or the National Flood Insurance Program, was the only option available for flood insurance. The government established the NFIP to provide affordable flood policies to homeowners.

However, in 1983, the WYO, or Write Your Own, policies emerged. This allowed private companies to offer flood policies that the NFIP underwrites.

Differences Between Policies

Private flood insurance policies offer more flexibility and options than NFIP plans.

For instance, an NFIP plan provides up to $250,000 in dwelling coverage. Private policies can include $500,000 or more in dwelling coverage. Dwelling coverage pays to repair or rebuild your home if it is damaged.

An NFIP policy limits content coverage to $100,000. However, private policies can offer more coverage, with some offering up to $250,000 worth of coverage for contents, depending on the insurer.

This type of coverage takes care of your belongings, including furniture, jewelry, and other possessions.

Lastly, loss of use coverage isn’t included in NFIP policies, but some private policies include it. Loss of use coverage comes in handy if you are temporarily unable to live in your home due to flood damage.

Bonvenuto Financial Group LLC

If you have inquiries about flood insurance in Uniontown, OH, feel free to contact us at Bonvenuto Financial Group LLC. Our agents are ready to discuss your requirements and assist you in choosing the most suitable policy.

Bonvenuto Financial Group LLC is proud to help our friends and neighbors in the Uniontown, OH area with all of their flood insurance needs. If you’re wondering if it’s time to get a flood policy, we’re here to answer any questions you have. 

We’re Here to Answer All of Your Flood Insurance Questions

Flood insurance is often a mystery for many homeowners. If your property isn’t located in a flood plane and if flood insurance isn’t required by your lender, it can be difficult to know if it’s right for you. Fortunately, your team of local insurance agents is here to help.

There are a number of different reasons why flood insurance is a smart thing to have. If your property is located in a low-lying area that receives a lot of heavy rainstorms, it’s time to look into obtaining a flood insurance policy. Another benefit is the additional coverage it offers above and beyond your primary homeowner’s policy.

Most homeowners’ policies have a lot of exclusions when it comes to water damage. You might be surprised to learn what types of damage your primary policy excludes. This is why it’s an important step to take to review your current policy at least once a year.

Once you’re clear on what your primary policy doesn’t cover, you can start working on closing up any gaps you have in protection. A flood insurance policy is usually the first step to ensure full coverage for your property. 

Give us a call or stop by today!

When it comes to insurance help, you can count on our team here at Bonvenuto Financial Group LLC. We’re proud to serve the insurance needs of the greater Uniontown, OH area. Contact us today to learn more about our services.