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Flood Insurance
The missing piece to your homeowners protection is flood. Did you know that your homeowners policy specifically excludes damage from “rising water”. Flood Insurance is a type of policy that applies when damage from rising waters linked to floods impacts your home and personal items.
It Covers:
- Structural Elements, including walls, floors, equipment, & fixtures
- Contents, such as furniture, appliances, & floor coverings
- Personal items like clothing, stereos & televisions
Fast Flood Facts:
- Floods can happen anywhere, anytime, in ALL 50 states.
- 80% of all natural disasters that strike the United States each year involve flooding.
- 1 in 3 flood claims are from areas that are not flood prone. You don’t need to live near water.
- 90% of floods are NOT considered federal disasters, which leaves the full cost of rebuilding up to the property owner.
- The most an individual family can receive in FEMA grants is $12600 and the average grant is only $2500.
- Homeowners are 4 TIMES more likely to sustain a loss from flood than from fire.
- Flooding is the most common natural disaster.
- Flash floods, inland flooding and seasonal storms bring flooding to every region of the country.
- Just inches of water can cause tens of thousands of dollars in damage.
Most homeowners insurance does not cover floods.
- Flood insurance exclusively offers financial support for your home and belongings in the event of flood damage.
- A flood insurance policy compensates homeowners, renters and business owners for all covered losses, and as opposed to a disaster loan, there is no payback requirement.
- The average flood insurance premium is around $500 a year.
- Outside of high-risk areas, premiums start as low as $119 a year.
- Once purchased, there is a 30-day waiting period for the policy to become effective, so don’t wait to buy it!
You can purchase flood insurance no matter what your flood risk is.
- It doesn’t matter whether your flood risk is high or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program.
- You can get flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn’t require it.
- About 25 percent of all flood insurance claims come from low- to moderate-risk areas.
Preferred Risk Policies provide benefits at a competitive rate.
- For just $119 a year, homeowners can purchase a minimum of $20,000 building and $8,000 contents coverage ($25 more if there is a basement).
- Renters can pay as little as $39 per year for $8,000 contents coverage.
- Business owners can buy $50,000 building coverage and $50,000 contents coverage (per building) for just $550 per year.
- Business owners who lease their space can purchase $50,000 contents coverage for just $145 per year.
- To qualify for a PRP, the property must be located in a low to moderate risk zone.
Links to FEMA Flood Insurance information.
