Flood Insurance 

                      

According to the Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP), flooding causes more that $2 billion in damage every year.

Much of that damage is incurred by homeowners that don't have flood insurance coverage for their homes. Add to that the fact that less than 50 percent of floods that damage homes are classified as federal disasters (which means government assistance is available) and you begin to realize that considering an insurance policy against flood damage for your home makes real sense.

Here are some facts about flood insurance that you should know:

• NFIP subsidizes flood insurance for communities at risk of flooding that participate in management of at-risk areas.  To find out if your community qualifies contact your insurer.
• Most home owners insurance does not cover damage from floods.  A separate policy is required.
• You don't have to live near a lake or river to incur costly flood damage.  Nearly a third of all flood damage occurs in low to medium risk areas.
• Most flood policies require a 30-day waiting period prior to taking effect.
• Most renters living in NFIP participating communities can purchase a policy to insure their belongings as well as home owners.
• Federal law requires those who live in zones designated as a Special Flood Hazard Areas to have flood insurance.  Your mortgage lender will typically handle this at the time you purchase your home.

What is Covered?

With a flood insurance policy in place your home is covered for damage incurred by flood waters, mud flow and debris that causes damage as a result of moving water.  The contents of your home, unlike home owners insurance, are not covered by the same policy.  Separate Contents Coverage must be purchased for your personal possessions and should be tailored to the amount of coverage you require.  Preferred Risk Policies are also available for homes in low risk areas.  Contact your insurer to discuss the coverage level that best suits your needs.  

Insuring your home as well as your personal property against damage from flooding and associated risks is typically very affordable and gives you the peace of mind that, the next time a heavy rain storm hits, your home will be covered.  With policies available for less than the average auto insurance policy it is well worth the time and resources to properly insure yourself and your home.  

Contact us today to find out if your community qualifies for NFIP and to get a quote for your home and personal property.