Flood and flood insurance - flood protection

If you decide to move to a flood-prone area or already live in one, you should - if you have not already done so - deal with your insurance company. There are ways to protect yourself financially from flood damage so you will not have financial worries about water damage later on.

Three building blocks of flood protection

Flood and flood insurance - flood protection: protection

First building block: insurance

First, you should be in close contact with your insurance company. Talk about the consideration of the flood risk in home and household insurance. The decisive factor is the size of the damage. An insurance company will not take on any small flood damage. For these cases, your personal reserves are meant. The insurance mainly comes into force if both public and private precautionary measures are insufficient. It is important to compare different insurance policies. While some insurance companies work with so-called exclusion reasons, so as not to be liable for any damage, other insurance companies completely forego these reasons. Thorough information is the key to finding the best insurance company for flood damage.

Second building block: disaster fund

After a flood, first find out about public welfare options. This means funds from the disaster fund. As a rule, 30% of the damage is paid out of these funds. The remainder must be covered by own reserves or the insurance.

Third building block: reserves

Despite private insurance and state protection, as soon as flood damage occurs, a financial cushion should be available for the necessary repairs. Do not rely on insurance alone. On the one hand, in borderline cases, it is uncertain whether you will receive support and, on the other, how much damage is covered by the policy.

Therefore, consciously live with the risk of flooding and provide for reserves. Anyone who is prepared to potentially carry flood damage will then have a much easier time dealing with it. Again, do not rely on insurance alone. You will not be able to avoid a co-payment in most cases. However, this is more likely to cope with corresponding reserves. The money should always be available immediately, which is why long-term investments are not suitable for such purposes.

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Video Board: The National Flood Insurance Program