It is not always possible to determine the amount of damage floods can cause on your Brevard, NC residential, or commercial property. At the same time, floods are typically destructive and can quickly drain you financially. That is why Brevard Insurance Agency, Inc. recommends buying enough insurance to cover the full rebuild of your home. You also need enough personal belongings coverage to replace your possessions in case they are damaged. So, how do you determine the amount of flood insurance to buy? Read on to find out.
The level of risk
Your need for flood insurance increases is directly proportional to the level of risk in your area. Suppose you live in a high-risk flood area; you need to be thorough with your coverage and ensure that both structure and your possessions are fully covered if the worst happens.
The cost to rebuild
The cost to rebuild depends on several factors, such as the construction material, the size of the house, and the cost of labor in your neighborhood. Insurance companies in Brevard, NC will typically provide you with a rough estimate of the rebuild cost, especially if you have brand new home insurance. Keep in mind that your home’s rebuild cost is different from your home’s market value. The rebuild cost is usually lower than the market value. However, flood damage can hike the prices of rebuilding significantly.
The value of your belongings.
You also want to calculate the value of your belongings and ensure that your personal property is covered if the worst happens. This includes everything in your home, like clothes, furniture, and appliances. Outdoor furniture may be exempted.
If you live in a high-risk flood area, don’t wait till floods strike your property to buy insurance. Remember, flood insurance comes with a 30 day waiting period, where the policy will only mature after this period. Not sure how to go about your flood insurance journey? Brevard Insurance Agency, Inc. can help you get through it. Try us today!
