Protect Yourself with Flood Insurance
Just a few inches of water from a flood can cause tens of thousands of dollars in damage. Over the past 10 years, the average flood claim has amounted to over $33,000.
Flood insurance is the best way to protect yourself from devastating financial loss.
Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers, and the property’s flood risk.
All policy forms provide coverage for buildings and contents. Typically, there’s a 30-day waiting period—from date of purchase and payment—before your policy goes into effect. That means now is the best time to buy flood insurance.
FACTS about Flood:
Homeowners and renters insurance does not typically cover flood damage.
Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year.
Floods can happen anywhere--More than 20 percent of flood claims come from properties outside the high risk flood zone.
Most federal disaster assistance comes in the form of low-interest disaster loans from U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don't need to be paid back, but this amount is often much less than what is needed to recover. A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA--and you don't have to pay it back.
You may be required to have flood insurance. Congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding. But even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.