Many people are unaware of a coverage that exist on flood policies that allows you to get $1,000 back from FEMA even if you don’t have a flood loss. WHAT?! Yes, that is correct. You can receive $1,000 for reasonable expenses associated with mitigation a flood loss from occurring. Keep reading further to understand the details and how South Carolinian’s can receive this money.
WHAT’S COVERED UNDER A STANDARD FLOOD INSURANCE POLICY?
National Flood Insurance Program flood policies will cover up to $1,000 in reasonable expenses incurred to protect a policyholder’s insured property, and up to $1,000 to move the policyholder’s insured property away from a flood or imminent danger of a flood. To be eligible for this benefit, the insured property must be located in a community where:
- a general condition of flooding in the area exists; or
- an official has issued an evacuation order or other civil order for the community requiring measures to preserve life and property from flooding.
WHAT IS ELIGIBLE?
EXPENSES TO PROTECT PROPERTY
- Sandbags (including the sand to fill them)
- Fill to create temporary levees.
- Water pumps.
- Plastic sheeting and lumber used in connection with any of these items listed above.
- Labor – a policyholder may claim labor, including their own or a family member’s labor, at the federal minimum wage. Labor charged by a professional may also be reimbursed.
EXPENSES TO MOVE PROPERTY TO SAFETY
- Up to $1,000 for the reasonable expense to move insured property in order to protect it from flood, or the imminent danger of flood.
WHAT DO POLICYHOLDERS NEED TO KNOW?
- Personal property that is moved must be placed in a fully enclosed building or otherwise protected from the elements.
- Any property removed, including a moveable home (that meets the definition of a building in the flood policy), must be placed above ground level or outside of the special flood hazard area.
- Property removed is covered by a policyholder’s flood policy for 45 consecutive days from the date the move begins.
- A deductible does not apply to these limits.
- The coverage does not increase the policy limits of the liability.