Flood Insurance to Protect Property & Contents

in Beckley, WV

The Impact of Natural Distasters Brings the Need for Flood Insurance

At the local level, West Virginia experiences the impact of flooding and natural disasters. The region in and around Beckley realizes the devastation a flood can bring to individual homes and livelihoods. A natural disaster can bring economic hardship that lasts long after the waters recede. Cleanup after a flood can be extensive, whether damage occurs to the land, building, or contents. To ensure your residential or commercial location carries enough flood insurance, speak with the insurance pros at Terry Pennington Agency. Contact our office in Beckley, WV to request a free quote: (304) 255-4006.


Homeowner’s Policy May Not Cover Flood Damage or Water Disasters

Many homeowners presume that homeowner’s insurance covers flood damage but find out too late after the water damages from flooding occur. Terry Pennington Agency works with customers to obtain flood insurance to cover almost any structure and contents, on property you own or lease as a rental. Reviewing flood insurance can provide you with added peace of mind in the event of a disaster.

Building coverage usually includes:
– The insured building and its foundation
– The electrical and plumbing system
– Central air conditioning equipment, furnaces, and water heaters
– Refrigerators, cooking stoves, and built-in appliances such as dishwashers
– Permanently installed carpeting over unfinished flooring

Contents coverage can include these items:
– Clothing, furniture, and electronic equipment 
– Curtains Portable and window air conditioners
– Portable microwaves and dishwashers
– Carpeting that is not already included in property coverage
– Clothing washers and dryers

Not in a Flood Zone? You Still Need Flood Insurance

Disaster planners know the areas tagged as being susceptible to flooding. These carry a ‘flood zone’ designation, which means properties in or near the flood zone could experience the effects of a flood at times of high tide or severe storms. Did you know that flood damage can happen to any property, whether it is in an identified flood zone or not? Terry Pennington Agency can help you determine the right amount of flood insurance coverage you need, even if your property is not located in a flood zone.

Replacement Cost Value (RCV) & Actual Cost Value (ACV)

RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost. All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV. These are the two most common reimbursement methods for flood claims.

Reporting a Claim for Damages on a Flood Insurance Policy

As with any claim, reporting promptly can make a big difference in protecting your interests. The insurance company may assign a claims adjuster in as little as 24 hours, so they can inspect the property damages. Work closely with them to ensure timely completion of any paperwork, submit photos, or provide other information. File a ‘proof of loss’ within the first 60 days. It helps to have a detailed inventory of items, along with sales receipts for damaged property.

Document any damaged property before discarding it, so cleanup can occur promptly. Photos work easier than videotaping them and are easier to process with your claim. Take close-up photos of any electronics that show the brand name, features, or other identifying details.

Convertible furniture, such as a sofa bed, may be photographed in an open position. Save a 2×2 foot square of carpet and padding before discarding the rest. Review limitations on what the flood insurance policy covers, so you may know what to expect. For example, flood insurance does not provide coverage for additional living expenses in the event of a disaster. If you have filed a prior claim for flood damage, you will have to provide the adjuster with receipts to document that the prior damage had been repaired.

Terry Pennington Agency works with local government or planning offices and can let you know if a specific community participates in the National Flood Insurance Program. You may also call the NFIP at 1-888-FLOOD29, TDD: 1-800-427-5593. Reach the FEMA website at www.fema.gov/ Get assistance with your flood insurance policy by contacting the Consumer Services Division of the Offices of the Insurance Commissioner in Charleston at 304-558-3386, or toll free at 1-888-TRY-WVIC (1-888-879-9842).

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