While you’re searching for flood insurance in the Oro Valley, AZ area, there are probably a bunch of questions going through your head. While you’re preparing for your meeting with an insurance agent from Old Pueblo Insurance or another company, here are some important questions that you probably want to think about.
1. Should I Buy Flood Insurance?
2. What Does Flood Insurance Cover?
Flood insurance protects your home from rising waters, mudflows, and inundation, which is when water covers land that’s normally dry. However, your policy won’t cover a landslide, which is when the disaster results in pieces of moving earth and debris.
3. How Much Can I Insure My Home For?
A homeowner is able to insure a property for up to $250,000, and the homeowner can insure the contents of his or her home for up to $100,000. However, if you own a business, the limits for your establishment and the location’s contents both go up to $500,000. According to a study from the University of Pennsylvania, half of all claims from 1980 to 2012 were for less than 10 percent of the value of a single-family house. Seven percent of claims, according to the study, were for more than 75 percent of the house’s value.