Home Owners Flood Insurance

Flooding is America’s most common natural disaster. Yet it’s not covered by most homeowners insurance.

The Risk is real

Truth is, you can live miles away from water and still be a victim of flooding. In fact, nearly 1 in 4 flood insurance claims are paid on policies in low-to-moderate-risk areas. That’s partly because it doesn’t take a major body of water, or even a major storm, to cause a flood. Anything from broken sewer line to a slow moving rainstorm can cause flooding. Bottom line, your home has a 26% chance of being damaged by flood over the life of a 30-year mortgage.

AFFORDABLE FLOOD INSURANCE

The problem may be widespread, but the solution is simple. About 100 private insurance companies nationally offer affordable flood insurance backed by the federal government. Policies are available to homeowners, condo owners, apartment owners, renters and business owners alike.

If you live in a low or moderate-risk area, a flood policy can cost just over $100 a year. That’s less thank 30 cents a day to protect your property against a natural disaster that causes more than $2 billion in a property damage in the U.S. every year. Unfortunately, in the most high-risk areas, the cost of flood insurance can cost thousands of dollars a year.

Disaster Aid is not always available

Many people don’t think they need flood insurance because they believe federal disaster assistance will bail them out. But floods are not always declared a federal disaster area. And even when they are, aid is usually in the form of a loan, which must be paid back with interest.

Flood insurance, on the other hand, pays for all covered losses, and unlike loans, that money doesn’t have to be paid back. You can cover your home’s structure for up to $250,000, and its contents for up to $100,000.For business, structural coverage is available up to $500,000, and up to $500,000 for contents.

Don’t count on others to bail you out. Take the initiative to protect your home and business yourself.

Act Now

Don’t wait until it’s too late. A policy takes 30 days from application to effective date of coverage. So look into flood insurance today.

Many people don’t think they need flood insurance because they believe federal disaster assistance will bail them out. But floods are not always declared a federal disaster area. And even when they are, aid is usually in the form of a loan, which must be paid back with interest.