Saturday, April 25, 2009

Flood Insurance Facts

The following information is summarized & excerpted from the National Flood Insurance Program's website. For more information, please visit: http://www.floodsmart.gov/

Flooding is the most common natural disaster. Flash floods, inland flooding and seasonal storms are always possible and can bring floods to every part of the region. Just one inch of water can cause thousands of dollars in damage. Most homeowners insurance does not cover floods. Only flood insurance financially protects your home and your personal property from floods.

Flood insurance compensates policyholders for all covered losses, and as opposed to a disaster loan, there is no payback requirement. The average flood insurance premium is approximately $500 a year. As long as your community participates in the NFIP, you can purchase flood insurance regardless of the extent of your flood risk. You are eligible for flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn't require it.

In 2007, nearly 25 percent of all flood insurance claims came from low- to moderate-risk areas. You may be eligible for low cost Preferred Risk Policy if you live in a low- or moderate-risk area.

For just $119 a year, you can purchase a minimum of $20,000 building and $8,000 contents coverage. Business owners can purchase $50,000 building coverage and $50,000 contents coverage (per building) for just $550 per year.

Should a flood event occur in your community, it is important you know what to do in response to a flood watch or warning, as well as the important steps to take when you return home. Below, please find links to documents to assist you as you recover from flood damage:

After The Flood Fact Sheet
Tips on how to safely assess the extent of flood damage to your property, as well as instructions on how to prevent further loss.

Filing Your Flood Claim
A checklist for policyholders as they manage their claim.

NFIP Summary of Coverages
An explanation to help policyholders understand the extent of coverages provided by their Flood policy.

The above information was excerpted from the National Flood Insurance Program's website. For more information on Floods and Flood coverage, please visit http://www.floodsmart.gov/.

2 comments:

  1. I am hoping the same best effort from you in the future as well. In fact your creative writing skills has inspired me.
    emergency flood service

    ReplyDelete
  2. Thank you for sharing such a valuable information.
    You can enjoy Flood Insurance

    ReplyDelete