Salt Creek flooded Spring 2015, damaging apartments in the North and South Bottoms and Lincoln’s Clinton neighborhood. photo credit: Chris Vogt
Many renters assume that their landlord’s insurance will cover them in the event of a natural disaster. While it is true that your landlord is liable for damage to the property that you are renting, you are responsible for covering your own belongings.
A standard renters insurance policy does cover natural disasters such as hail, fire, rain, or a wind storms. Standard renters insurance does not, however, cover earthquakes or floods. For these types of natural disasters, you need an add-on to your basic policy.
Enter The National Flood Insurance Program. The National Flood Insurance Program (or NFP) aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations. Overall, the program reduces the socio-economic impact of disasters by promoting the purchase and retention of general risk insurance, but also of flood insurance, specifically. – fema.gov
“Does my community participate in NFP?”
Click here to see a community status report by state, territory, or nation.
“My community participates in the National Flood Insurance Program, now how do I buy flood insurance?”
The NFP has an arrangement with private insurance companies to sell and service flood insurance policies. A list of private insurance companies that sell and service NFIP flood insurance policies is available to you. You may also contact your insurance agent or company to find out more about federal flood insurance or find an agent serving your area by filling out the Flood Risk Profile. – fema.gov
“How much should I expect to pay for renter’s insurance?”
According to IIABA, the average renter’s policy costs $12 a month for up to $30,000 in personal property coverage. The average policy also includes up to $100,000 in liability coverage.
- It also covers vandalism, burglaries, etc.
- You should document your belongings because burden of proof is on the renter.
- Write down everything you would want to replace if something happened.
- It’s a good idea to keep receipts on big items.
- Create a folder (physical or electronic) with photos and descriptions of belongings.
- Make a video tour of your home to show proof of your personal belongings.
- The internet makes getting renters insurance easier than ever. You can research providers, compare quotes and find an agent online.
for more information on tenants’ rights after a disaster, check out the Nebraska Disaster Handbook.
for a step-by-step guide to filing a flood insurance claim, check out our Flood Disaster Resources.