26 Aug Kauai Hawaii Flood Insurance
The island of Kauai is a wonderful place to call home. A warm, sunny climate on an island full of natural beauty is an ideal place to live. But even ideal places are occasionally subjected to threats from natural disasters, such as flooding. Indeed, flooding affects Kauai residents enough that having a flood insurance is of the utmost importance.
A property owner in Kauai without flood insurance coverage is likely to face some undesirable consequences in the form of flood damage repair or replacement costs at some point during their life. With standard insurance policies not offering coverage for flood-related damages, property owners are left to pay for the damages out-of-pocket or through loans. Even so little as an inch of water can result in tens of thousands of dollars in damages. Raising this amount of money is a hardship for many Kauai residents and financially devastating to many more.
| Questions to Ask When Purchasing Flood Insurance
– How much money would it take to replace the items inside my home? – How much is my home or business worth? – Are there any subsidies available to help me offset the cost of an insurance policy? – Are there any flood mitigation steps I can take to reduce my chance of flood damage and lower my premium? – How long is the waiting period between policy approval and activation? |
With this knowledge, it may seem like purchasing flood insurance is a common sense decision that all Kauai residents would make. However, many people can attest to how pricy a policy can be. In order to obtain this important insurance coverage at an affordable price, Kauai property owners should take the time to do some comparison shopping between the major flood insurance providers.
The National Flood Insurance Program (NFIP) had long been the only provider of flood insurance policies to Kauai. The policies available from this federally-funded program provide adequate coverage that will pay for repairs caused by flood damage as well as replacement costs. Recently, changes to the NFIP have caused premiums to increase, but potential policyholders can receive subsidized rates if certain flood mitigation steps are taken.
A second, and newer provider that Kauai residents can purchase from is the National Catastrophe Flood Insurance Program (NCIP). The NCIP is currently available in a limited number states, including Hawaii, and is privately underwritten. In just the relatively short time the program has been around, it has gained a reputation of offering policyholders higher and more comprehensive coverage limits than other programs with more affordable premiums.
Regardless of which program a Kauai resident chooses, it is important to make a timely decision, as waiting periods of fifteen to thirty days are imposed upon policies from both the NCIP and the NFIP. The sooner a resident applies for a policy, the sooner they are protected by active flood insurance coverage that will provide them with financial protection against high flood-related damage costs.
Flooding is an unfortunate natural disaster that affects Kauai on a regular basis, but with adequate flood insurance coverage, residents can rest assured that they will always have the means necessary to regroup and rebuild if their property is damaged. Contact us now for more information about the Kauai Hawaii flood insurance.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
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