Flood
One of the most important things to know about flood insurance is that it is usually not covered in your homeowner's policy or your commercial property policy. It is actually the federal government that runs the National Flood Insurance Program (NFIP) which typically manages this risk. They determine the premium and coverage. They simply allow insurance companies to write these polices on their behalf. You cannot buy it directly from them. That is were your agent comes in. We are here to assist you with acquiring an elevation certificate if needed, as well as processing payments, and more.
What Does it Cover?
With these polices you have the option to insure the building and the contents within. The building coverage also includes permanently installed items such as: plumbing and electrical systems, water heaters, refrigerators, stoves, and built-in dishwashers; This is extremely important because if you own a home, or a commercial property, a severe flood can destroy all of your assets even if you have wind/hurricane coverage on your current homeowner's policy.
What Are The Coverage Limits?
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One to Four-Family Structure: $250,000
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One to Four-Family Home Contents: $100,000
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Other Residential Structures: $500,000
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Other Residential Contents: $100,000
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Business Structure: $500,000
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Business Contents: $500,000
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Renter Contents: $100,000
Important Food Facts You Should Know
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In the past 5 years, all 50 states have experienced floods or flash floods.
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In a high-risk area, your home is more likely to be damaged by flood than by fire.
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Most policies have a 30-day waiting period.
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Floods are the #1 natural disaster in the U.S.
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The average flood claim from 2010-2015 was nearly $42,000.
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Some “100 year flood” areas have seen two or more floods within a 10-year span
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Nearly 1-in-4 claims are made in moderate-to low-risk areas.
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A car can easily be carried away by just two feet of rushing water.
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For more policy and claim statistics, visit the National Flood Insurance Program website.
Won't the National Program Bail Me Out?
What the National Program does is that if the president declares the flood a natural disaster they will usually assist you with a loan and charge you interest. If you are unfortunate enough be in this circumstance you are now responsible for a new bill every month, possibly for the nest 30 years.