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Flooded RoadFlooding can cause major damage to your home. If you don't have a flood insurance policy, you could be footing the bill for repairs to your flooded home. Flooding and earthquake damage are generally excluded from homeowners insurance policies; this means homeowners will need separate policies to cover the damages from these natural disasters.

Here's what you need to know about flood insurance.

What Flood Insurance Covers

A flood policy covers physical damage to your property and belongings, including:
  • Your home's structure and foundation
  • Electrical, plumbing, cooling and heating systems
  • Detached buildings (such as garages and sheds)
  • Personal belongings (such as furniture, clothing, electronics and appliances)
  • Debris removal
Most insurance providers will allow you to choose between actual cash value coverage (the cost to replace items at their depreciated value) and replacement value coverage (the cost to replace items with new property, regardless of their current value).

What Flood Insurance Doesn't Cover

Flood insurance isn't all inclusive. Here are some instances that are excluded from flood insurance coverage:
  • Flooding that occurs within your home, such as burst pipes or an overflowing toilet (these instances are often covered by homeowners insurance)
  • Reimbursement for damage to trees, gardens and other landscaping
  • Mold or mildew damage that could have been prevented
  • The value of currency, stock certificates, precious metals and other valuable papers
  • Alternative living expenses (such as hotel bills) or business interruption (for a home-based business)

When Flood Insurance Takes Effect

Your flood insurance policy won't kick in right away. There's a 30-day waiting period before it takes effect. So don't wait until an imminent flood has been predicted to run out and buy flood insurance. If you buy flood insurance now, you'll be protected if a flood damages your home later on.

Let us help you protect your family and your possessions. Call Corbett and Assoc. Insurance Agency at (805) 496-1424 for more information on Thousand Oaks flood insurance.
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