This single insurance error can cost thousands, experts warn
Revert immediately to maintain this expensive error of emptying your bank account.
Across the United States, there were snowstorms in May and in heat waves in November, which specifies thatweather becomes more difficult and more difficult to plan. When unpredictable time strikes,insurance Can help you protect yourself from the damage it inflicts. But because there are so many types of insurance to choose from, you may not have the kind of coverage you need. Read it to know how to avoid one of the most common insurance mistakes that could end up costing thousands of people.
RELATED:Never do this when you get a medical invoice, experts warn.
If you only have tenant insurance, you are not protected in case of flooding.
When you rent a house or apartment, the insurance of your owner will only makecover costs To repair your building when a disaster occurs, the Insurance Information Institute (iii) explains. This is why many people are turning to tenant insurance, which helps protect your personal belongings in these situations.
According to the III, the insurance of the tenants "covers you against the loss of fire or smoke, lightning, vandalism, theft, explosion, wind storm and certain types of water damage (like the one of a burst pipe or when the tenant is upstairs leaves the water in the bath and floods your apartment). "However, most tenant insurance policies do not cover floods, by III. Instead, you have to buy a separate flood cover to protect from this type of disaster.
Experts say that not having flood insurance could cost you thousands.
Do not have insurance against floods could cost you thousands, experts warn. The Federal Emergency Management Agency (FEMA) requires some people to high-risk floods to have flood insurance, but Allstate says that even if you live in a moderate or at-risk zone, you may want to Consider buying thisinsurance type. Fema says thatFloods can occur anywhereAnd just "an inch of cross water can lead to a loss of $ 25,000." According to Allstate,Insurance of floods Can provide up to $ 100,000 of coverage for personal effects damaged by flood, helping to pay items such as furniture, electronic devices and clothing owned by the tenant.
Related: For more useful information delivered directly in your inbox,Sign up for our daily newsletter.
Flood insurance is particularly important for hurricanes during the hurricane season.
The hurricane season officially started on June 1st. Time to buy flood insurance is now. According to the National Meteorological Service (NWS), hurricanes oftencome with heavy rains, which can cause floods. "This flood can persist for several days after the dissipation of a storm," says the NWS.
According to the American geological survey (USGS), many hurricanes haveprovoked historical floods In the United States over the years, like Hurricane Dorian in 2019 and Hurricane Sandy in 2012. And the risk can be even higher this year. Experts from Colorado State University are waiting for a "probability above" forHurricanes strike the United States. In 2021. They estimate eight hurricanes and 18 storms named this year - when the typical average hurricane season produces only 14 storms named.
The purchase of a flood insurance earlier than later is important too.
You will not want to wait for a disaster to be on his way. According to FEMA, there is usually a waiting period of 3 years for your flood insurance to launch - which means you will not be covered during this period. And even if your region is usually not struck by floods or hurricanes, it could change.Amy Bach, Executive Director of United Solenois Holders, a Consumer Defense Agency, saidThe New York Times thisProperties Near the coastNo longer are the only locations at risk of floods due to climate change. "Do not assume if your area has not been flooded before, it's not now," she said. "We are in a new era."
RELATED: How much money does the people of your age do in your state, the data show .
