Flood Insurance

Floods are random. They happen anytime, anywhere, even in the same place twice. A prior year's occurrence does not reduce your risk of flood. Floods have become the leading cause of property damage from natural disasters, with more homes destroyed by flood than by fire. Estimates for flood damage have risen to over $4 billion each year.

"IT WON'T HAPPEN TO ME."

FACT: You don't have to live by water to beat risk. Over one-third of all flood claims occur in low-risk areas. Yet, over 7 million structures requiring flood insurance are still unprotected.

"MY HOMEOWNERS INSURANCE COVERS FLOOD."

FACT: Homeowners insurance does not cover flood damage. Federal flood insurance does. Flood insurance also covers mudflow, or dirt and debris resulting from moving water. Check your Homeowners Policy now.

"I DON'T NEED FLOOD INSURANCE."

FACT: Homeowners with mortgaged property in a Special Flood Hazard Area(SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.

"THE GOVERNMENT WILL PAY."

FACT: To receive federal disaster assistance, a flood must first be declared a "federal disaster" by the U.S. President. Typically, only 10% of flood disasters qualify. Uninsured property owners who have received previous federal disaster assistance may not even qualify. Remember, some federal assistance is only a loan - repayable with interest!

"FLOOD INSURANCE IS EXPENSIVE."

FACT: Flood insurance is affordable. Flood damage is not. The average loss of property and contents during recent flood disasters was $20,000. Compare this to the average annual flood premium of $130 for low-risk areas, and $500 for high-risk areas.

You don't have to pay the full flood insurance premium at one time. Coverage is based on the structure's value, minus the land value. Flood insurance up to $250,000 is available for residential buildings. Since flood policies are backed by the U.S. government, all valid claims are 100% guaranteed!

"FLOOD INSURANCE COVERS CONTENTS."

FACT: Standard flood coverage does not cover the contents of your home. Separate Contents coverage is available up to $ 100,000. Preferred Risk policies for structures in low-risk areas offer combination coverage for up to $250,000 for a residence and $60,000 for its contents.

"I CAN BUY FLOOD INSURANCE ANYTIME."

FACT: There is a 30-day waiting period for flood insurance unless you are securing a new mortgage. Floods can happen anytime, so act now and call us for information.