If you rent an apartment or home and live in an area that's prone to flooding, you should consider purchasing flood insurance to protect your belongings. A renter's flood insurance plan can provide maximum coverage of $100,000 to replace your personal belongings destroyed by a flood. However, many people mistakenly believe that flood insurance is only for homeowners. Renters can also purchase a flood insurance policy if they are willing to participate in the National Flood Insurance Program. You are eligible if you live in a community on FEMA's list of approved communities. Talking to your insurance provider will help you figure these things out. Here's a look into what renters's flood insurance policies usually cover.

Factors That Go Into Determining Your Flood Insurance Eligibility

Living in an area vulnerable to flooding is the biggest determining factor when it comes to buying flood insurance. The age of your building and how many tenants it houses will also be considered. This also includes the number of stories it has. The flood zone you live in is the key to determining your premiums, along with your deductible. Your level of risk will be used in determining the actual cost of your policy. Another factor could be what floor you live on. Your risk of flooding will be much lower if you live on the top floor of a building compared to the bottom or lower floors.

Accidental Water Damage vs. Flood Damage

Your renters' policy will cover water damage that is sudden and accidental, but it won't cover flood damage. Sudden and accidental forms of water damage would be a burst pipe or water damage caused by a storm. The key is determining whether or not you live in a floodplain. If you do, you will need to find out your risk level. This can be determined by what flood zone you live in. Persons living in zones closer to the water source will normally pay higher monthly premiums than those who live farther away from the threat.

What Does the Flood Portion of Your Renters' Policy Doesn't Cover?

If you have a renters' policy with a flood policy attached to it, there are a few things that it will not cover. Mainly, your flood insurance will only cover damages to your property, and it will not cover damages to the building your apartment is part of. It will also not cover anyone else's property who may live in the same building. Your flood insurance policy focuses primarily on your individual needs. This includes repairing or replacing your personal possessions and alternative living expenses if they are needed. If you live in a floodplain and want to be fully protected, you need to talk to your insurance provider and determine your risk level. If you have a renters' insurance policy in place and want to learn more about flood insurance, then contact our team at Weeks & Associates Insurance Services today. Our insurance professionals are proficient in flood and rental insurance and can help you get the coverage you need. Buying a flood insurance policy was never easier.