Category: Home Insurance

Does My Home Insurance Cover Floods?

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If you’re a homeowner residing in an area prone to flooding, you might find flood insurance beneficial. Many homeowners are unaware that their home insurance does not cover flood damage. They often assume that they can rely on their home insurance for financial protection in the event of a flood, which is not the case.

At Creative Risk Management LLC, servicing New Jersey, we’re dedicated to helping our customers find the right type of insurance coverage for their needs.

What is Covered by Home Insurance?

Home insurance covers a range of events that can cause damage to your home, including fire, lightning, windstorms, hail, smoke, falling objects, volcanic eruptions, and vandalism. However, it does not cover floods.

How Can I Obtain Flood Insurance Coverage?

If you seek financial protection from flood damage, you’ll need to acquire separate flood insurance in addition to your home insurance. Flood insurance is administered through a government program but can be purchased through your regular insurance agent. Many customers secure their flood insurance from the professionals at Creative Risk Management LLC, servicing New Jersey.

Who Requires Flood Insurance?

If you’re a homeowner in a high-risk flood area, flood insurance can benefit you. Your mortgage company may even mandate flood insurance. If you’re purchasing a home and planning to finance it with a loan, consult your insurance company about obtaining flood insurance.

The professionals at Creative Risk Management LLC, servicing New Jersey, can assist. We offer insurance from various carriers and can help you shop around for the right insurance policy, whether you need home insurance, renters insurance, car insurance, or something else. If you’re interested in flood insurance, contact us to get started.

Will my home insurance policy cover my home if its vacant?

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If you just sold your house, own a vacation house that you stay in during summer, or travel a lot and may need to be away for more than 30 days, you may assume that your typical homeowners’ insurance policy covers you and your home, but does it?

Well, many homeowners are not aware that standard home insurance does not cover a home that has been vacant or unoccupied for more than 30 days. That’s why Creative Risk Management LLC recommends reading and understanding your policy before signing.

What is considered vacant, and what is the difference between vacant and unoccupied?

Insurance companies consider vacant homes as vulnerable to vandalism, fire, and other hazards. For this reason, they define a vacant house as an unfurnished or empty house that you may have moved out of and waiting to sell and an unoccupied home as a semi or a fully furnished home that no one is living in. This could be your summer home or your typical vacation house.

Are vacant homes covered?

Most home insurance policies do not provide coverage to homes that have been vacant or unoccupied for more than 30 days. If you have two houses in New Jersey, your first step is to go through your policy and find out exactly what your policy says about vacant dwellings. If it is 30 days, and you need to be away longer than that, you can always speak to your agent and sign up for an amendment or an add-on that will provide coverage for an extended period. If it is going to be a long time, a separate policy would be the best choice.

Vacant home insurance

If you are away for more than 30 days, say a year or more, you might want to buy vacant home insurance. This is a special type of coverage that protects your home from common perils that affect vacant houses. While it may be costly, it is always worth the peace of mind.

For more information about home insurance in New Jersey, feel free to reach us at Creative Risk Management LLC today!