Flood insurance from GEICO protects your home against flood damage. In the event of flooding, it covers up 20% of your home's total value. It does not cover cosmetic changes such as new furniture and carpeting. The coverage cannot be used if there has been a flood for more than 30 days.
Flood insurance from Geico covers up to 20% of the home's value
Geico flood insurance is a popular choice for homeowners. However, it only covers the flood portion. The company covers plumbing, electrical, and air conditioning systems inside your home, but it doesn't cover personal items or carpeting in the basement. It also won't cover your home if it's built on pilings or stilts.
Geico has an affordable option to flood insurance. Flood insurance can protect up to 20% of the home from flooding-related damages. If you are temporarily evacuated from your home, this coverage may also cover additional living expenses. For those who are injured in your own home, the company provides options up to $2,500 for medical expenses.
It doesn't cover cosmetic improvements to basements
Flood insurance does not cover cosmetic improvements to basements, such as new carpet, sinks, bathtubs, or furniture. It excludes decks and swimming pools as well as hot tubs and wells. You should check with your insurance provider if you are planning on adding any of these structures.
By removing any water from your basement, you can reduce the damage. Turn off any electricity or gas that runs through the basement. Then, check the safety of your belongings before entering the area. You can then salvage as many of your personal belongings as possible. Since most of your possessions will not be covered under an NFIP policy, you should take steps to minimize the damage.
It doesn't include new furniture or carpeting.
Knowing what you can and can't expect when you get flood insurance for you home is a must if flooding is a concern. Flood insurance does NOT cover cosmetic upgrades like new furniture or carpeting. It doesn't cover new sinks or bathtubs. Standard homeowners insurance does not cover flooding damage to your trees, plants or decks. You are also excluded from coverage for hot tubs, swimming pools, wells and hot tubs.
There is a waiting period of 30 days
Standard NFIP policy covers a 30-day wait period for flood insurance policies. There are exceptions. People who live in low or moderate-risk areas can purchase flood insurance without the waiting period. You can also purchase flood insurance policies in conjunction with your mortgage purchase.
You can change your existing homeowners insurance policy if you have homeowner's insurance with another company. This will allow you to avoid the 30-day waiting period. In most cases, however, a mortgage lender will require that your policy be changed or your property declared a special risk.