Floods are the natural disaster most common in the United States, and its consequences can be catastrophic both in terms of health and material. For this reason, Flood insurance is crucial for those who own their own home or mobile home, as well as for renters or owners who own their property in someone else's name..
Indeed, the guide of the government campaign Ready.gov For North Carolina, it indicates that just one inch of water could cost more than $25,000 in home repairs. Purchasing flood insurance will allow you to save thousands of dollars in repairs.
Since homeowners and renters insurance typically does not cover flood damage, It is recommended that everyone have specific flood insurance. Otherwise, in the event of a disaster, they will have to pay out of pocket or take out loans to repair and replace damaged items.
Related: How to Collect Flood Insurance After a Disaster in North Carolina
Renters Insurance: Protect Your Property and Belongings from Natural Disasters
Should you buy flood insurance if your home or trailer is in someone else's name? Definitely YES!
“The National Flood Insurance Program offers building coverage and contents coverage of the same,” Daniel Llargues, national spokesperson for FEMA, explained to Prepárate.
As the specialist indicated, Both insurance policies are sold separately and building coverage can only be sold to the person who holds the title to the property."Therefore, if someone doesn't have the title to the property, they can't purchase building coverage," Llargues clarified.
However, those people who are tenants or owners but do not have the title of property, Yes, you can get contents coverage for items you own.In that case, they purchase a policy only for household contents, such as furniture, bedding, and clothing. "The best thing to do is discuss your specific case with an insurance agent," Llargues said.
What coverage does it provide?
Contents insurance has the following coverage:
- Covers: your furniture, clothing, TV, computers, carpets, artwork and more.
- Coverage limits: $100,000 of exclusive contents coverage.
How to Buy Flood Insurance for Renters?
Most flood insurance comes from the National Flood Insurance Program (NFIP), but you must purchase insurance through an insurance company or agent.
To purchase flood insurance, call your insurance company or agent—the same person who sells homeowners or car insurance. If you need help finding a provider, visit FloodSmart.gov or call the NFIP at 877-336-2627.
Sources for this article
- National Flood Insurance Program (NFIP)
- FloodSmart
- Travel Guide from the Ready for North Carolina government campaign
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