Today we are talking about flood insurance policy riders.
So what is a flood insurance policy rider?
Have you ever seen that scene in a movie where people are riding horses along the beach. Now have you ever seen that scene where mustang horses are running wild through a field.
Its like the rider and the horse are one. Well this is how flood insurance policy riders work. They are additional coverages that are added to a policy.
Have you ever had a certain insurance coverage denied? For example you get water in your home but then find out you don't have water coverage. This could have been additional coverage that was available. This is called a rider or an endorsement.
We see flood insurance claims denied everyday because the right rider was not added. For example maybe you didn't select replacement cost as additional coverages and when a claim occurred your payout was very low.
The replacement cost rider could have helped protect you in this situation. The same thing can be said for replacement cost on contents or additional living expenses.
Additional living expenses also known as loss of use is a an additional rider that is not added many times.
So when someones property floods they aren't given the funds for a temporary place to stay.
These are just a few example of flood insurance policy riders. When selecting flood insurance coverages you want to make sure your insurance agent goes through each possible rider and insurance coverage.
During a claim is not the time to find out that you don't have the right coverages.
So if you have further questions about flood insurance policy riders or flood insurance then click here.
Remember we have an educational background in flood mitigation. So we are here to help you understand your flood risks, flood insurance, and mitigating your property long term.