Until recently, investing in Vermont insurance coverage for flooding appeared to be a low priority for residents of the Bay State. This is possibly because, prior to being hit by Hurricane Irene in August 2011, Vermont’s last big rain storm was around eighty five years ago. Of course, the mass flooding across Vermont due to Hurricane Irene has many people reconsidering their previous thoughts on purchasing flood insurance.
A typical renter’s, condominium and homeowner’s insurance policy doesn’t cover damage due to flooding. Flood insurance coverage must be purchased as a separate policy.
Flood insurance may be purchased from a private insurance company or from the national flood insurance program. The national flood insurance program is backed by the government but may be purchased through most insurance agents. It’s crucial when purchasing a flood insurance policy to check and fully understand the numerous exclusions to ensure you know exactly what is covered by your policy and what isn’t.
A standard flood insurance policy, either private or national, usually doesn’t come into effect until thirty days after the purchase. Don’t be unprepared when the next storm appears on the horizon, be proactive and purchase your Vermont insurance for flood coverage without delay.