GEICO flood insurance covers the cost of flood damage to your house. The flood insurance will cover as much as 20% of the value of your home in the event that it is damaged by flooding. It does not cover cosmetic upgrades such as new furniture or carpeting. You must also wait for 30 days after a flood to be eligible for the coverage.
Geico flood insurance covers upto 20% of a home’s actual value
Geico's flood coverage is a popular option, but it doesn't cover the flood damage. The company covers the plumbing, electrical and HVAC systems within your home. However, it doesn't include personal items or carpeting. Your home will not be covered if it was built on pilings and 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 include cosmetic improvements to basements
Flood insurance does not cover any cosmetic upgrades to basements. It also excludes certain other structures on your property, such as decks, swimming pools, hot tubs, or wells. To find out if these structures are covered, contact your insurance provider.
By removing any water from your basement, you can reduce the damage. Your basement should be turned off. Next, ensure that you have checked the safety of your belongings prior to entering the area. Then, salvage your personal belongings. You need to do everything you can to minimize the damage, as most of your possessions may not be covered under an NFIP plan.
It does not cover carpeting or new furniture.
You need to understand what flood insurance can and cannot cover if you are considering buying flood insurance for your home. Flood insurance does NOT cover cosmetic upgrades like new furniture or carpeting. It doesn't cover new sinks or bathtubs. Standard homeowners insurance will not cover flood damage that occurs to your trees or plants. 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. Flood insurance is not required for those who live or work in high-risk areas. Flood insurance can be purchased together with a mortgage.
By changing your current policy, homeowners insurance that you have with another company can be avoided. In most cases, however, a mortgage lender will require that your policy be changed or your property declared a special risk.