Flood Insurance

As your independent insurance agency, it's our job to take care of all of your insurance needs. That includes making sure you understand why flood insurance is important. Did you know you don't have to live close to water to become a flood victim? The terrifying truth is that floods happen anywhere, anytime. Here are a few facts about flood insurance you might not know:

•  Homeowners insurance does not cover flood damage. Only flood insurance will cover your losses in the event of flooding of rising water.

•  Disaster aid is available only in federally declared disaster areas. Before a community is eligible for disaster assistance, it must be declared a federal disaster area. Federal disaster assistance declarations are awarded in less than 50 percent of flooding incidents. The annual premium for an NFIP policy, averaging about $300 per year, is less expensive than interest on federal disaster loans, even though they are always granted on favorable terms. Furthermore, if you are uninsured and receive federal disaster assistance after a flood, you must purchase flood insurance to receive disaster assistance in the future.

•  The Federal Emergency Management Agency (FEMA) reports that a high percentage of claims from flood losses are not declared disaster areas. Even if you live in an area, which is not flood-prone, it is advisable to have flood insurance. The NFIP offers a Preferred Risk Policy for as little as $95 for residential properties located in low-to-moderate flood risk zones.

•  You don't have to be a homeowner to purchase flood insurance. Flood insurance is available to protect homes, condominiums, apartments, and nonresidential buildings, including commercial structures.

•  You are still eligible to purchase flood insurance no matter how many times your home, apartment, or business has been flooded. You can purchase flood coverage at any time. In most cases, there is a 30-day waiting period after you've applied and paid the premium before the policy is effective.

Flood insurance is the best way to protect yourself before the flood hits. Flood damage often goes way beyond that of house and home. Flood victims no only lose their homes and treasured possessions, but rebuilding costs also eat up life savings, retirement funds, and children's college education. You can protect yourself—through the National Flood Insurance Program. Our agency can show you how.