Comparing Homeowner’s Insurance and Flood Insurance

If you are seeking a great way to plan ahead for home damage repair in the future, you may want to consider taking out a homeowner’s insurance policy. Depending on your insurance company, your coverage may include fire damage restoration and water damage restoration. To make sure that you are covered for all of your water damage repair needs, you may want to also look into additional flood insurance for your home. A flood restoration service in Portland can help you in the event that you are in need of emergency repairs. To help you decide what type of coverage is right for you, here is a look at the differences between homeowner’s insurance and flood insurance. human hand holding a toy house

Water Damage Coverage
When you take out a homeowner’s insurance policy, you are likely to have water damage coverage for your home. Water damage coverage offers protection against accidental water damages that are caused by situations such as a burst pipe or an overflowing toilet. However, homeowner’s insurance will not cover you in the event that you have neglected to maintain key areas of your home.

Flood Damage Coverage
Accidental flooding is not always covered by a regular homeowner’s insurance policy. For example, if your home is flooded by a heavy rainstorm, your homeowner’s insurance may not pay for your repairs. To ensure that you are protected against a flooding emergency in your home , it is a great idea to add flood damage insurance to your existing home insurance coverage.

Insurance Rates
Homeowner’s insurance and flood insurance also differ in their rates. For example, your homeowner’s insurance rate is usually determined by factors such as the value of your property, as well as your possessions. By contrast, flood insurance rates are determined by the flood risk of your property. If you live in a higher risk area, it is a great idea to take out a flood insurance policy.