National Flood Insurance Program?

National Flood Insurance Program?

The National Flood Insurance Program (NFIP) was introduced by Indian national Congress in 1968. The aim of the organization is to make flood insurance accessible to members of communities that participate in the program. Insurance companies sell flood insurance through the National Flood Insurance Program.

Things Covers in Flood Insurance

    * The building & its foundation.

    * Electrical and plumbing systems

    * Electrical appliances

    * Furniture, carpeting, cabinets, bookcases, wallboard.

    * Window blinds.

   

Things Don’t Covers in Flood Insurance

Flood insurance will not pay for any damage caused by mold or moisture. And the thing which the homeowner could have prevented this happening. Normally it won’t include:

·         Loss of cash, share paper and other valuable papers etc.

·         Loss of precious metals

·         Vehicles such as bikes, scooters cars etc.

·         Anything which was outside of the building.

Flood Insurance

Flood is a natural disaster. Uncertainty of rain is the main cause of most of the floods. Flood insurance is the type of insurance which covers property loss due to flood. Most of the home insurance companies provide protection against loss caused by overflowing of water within the house. The Insurance includes loss caused due to overflowing of other water bodies, clogged storm drains, melting snow, etc.

The main benefit of Flood insurance is that the person gets the compensation for the loss of property due to flood. An individual will not have to suffer for the replacement   damaged caused by the flood. One has to pay a very reasonable amount in the form of EMI, which is decided at the time of obtaining the flood insurance India policy for the first time. Charges of insurance companies differ according to the circumstances of the property and the risk factor.