Do I Need Water Damage Insurance in Titusville?

2/23/2016 (Permalink)

Surfers Love Big Waves, Homeowners Hate Them on Their Property

A Titusville Water Damaged Property Relies on SERVPRO for Service

There are so many different things that can lead to water damage in Titusville that it does not matter if you live in a particular type of climate or environment. It is just as easy in an unusually dry area for your home or business to fall victim to flooding. This is because water damage is often the product of burst pipework or appliance failures.

Many people still think themselves invulnerable; it will happen to my neighbor, not me. They neglect the need for water damage insurance (flood) but pay the ultimate price for their short-sightedness when an unexpected incident does occur. It is crucial that you guard your home with a robust water damage insurance policy for inside water intrusion events and flood insurance for rising water and tides. The cost is high in the Titusville, New Smyrna Beach, and Edgewater areas, so tough decisions have to be made. Condo living usually includes an inclusive homeowners and flood policy through the association.

This type of cover, even at a basic level, safeguards a home against flooding (not from the elements), faulty appliances, burst pipes, and storms and hurricanes. As the destruction wreaked by water can be extensive, the cost of repairs mounts up quickly, and most homeowners understand that insurance is the right way to prepare for this.

Current Value Vs Replacement Value Policies
When considering which insurance policy will offer you the best protection, it is important to realize the distinction between current value and replacement value coverage, and how this affects water damage coverage. While current value insurance is used to guarantee repayment for the value of possessions right NOW (at the time of flooding), replacement coverage ensures you can purchase an item of similar value, regardless of the age of the piece. Consider it as the difference between paying a lower insurance rate (for current value cover) and only being reimbursed for the exact value of a stereo or home theater system (including any time-based depreciation) and paying a higher rate to be compensated for the value of the item when originally purchased. From 2010 to 2014 the average flood claim was $39,000. Do the math and decide what is best for you.

Picking the Right Kind of Cover
If you reside in an area that is prone to flooding, you need to take out a suitable flood insurance policy. The National Flood Map may dictate that flood insurance is a requirement to obtain a mortgage. In most cases, the standard coverage protects homes from both natural disasters and infrastructure failures, but it is always better to check before buying. SERVPRO is a preferred provider to nearly every large insurance company, and we can help you with your claim and save you money.

SERVPRO of New Smyrna Beach-Titusville, part of a 1700 strong Franchise System, can respond to any size water damaging event in Titusville. We're Faster to Any Size Disaster. Call us for any fire, mold, or water damage emergency and we will restore your home to its pre-loss condition "Like it never even happened."  Always available, 24/7 at (386) 423-1111