Flood insurance – the risk is real
Everyone lives in a flood zone — a flood can happen any season, anywhere, even if you don’t think you live in a flood zone. If a flood happens to you, the fastest and most economical way to recover is with a flood insurance policy.
More that 20,000 communities have joined the National Flood Insurance Program. Nearly everyone in those communities — homeowners, condo owners, renters, mobile home owners, business, etc. — can buy a flood policy. This is good news considering floods are the most common natural disaster.
Flood insurance covers your structure and particular content items (if chosen), but does not provide additional coverages for things such as living expenses, business interruption, decks, fences, etc. The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions.
Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.
Know your flood facts
- Flood insurance is not covered by your homeowners, business, or other property policies.
- There is a 30-day waiting period for a flood policy to take effect.
- 25% of all claims occur in low to moderate risk flood areas.
- Everyone lives in a flood zone.
- In the US, flooding is the #1 natural disaster.
- Over a 30 year mortgage, there is a 26% chance of flooding vs. a 9% chance of fire.
- Federal Disaster Assistance – if it’s available – is usually a loan you must repay with interest.
