According to Federal Emergency Management Agency, floods, including inland flooding, flash floods and seasonal storms, occur in every region of the United States and 90 percent of all natural disasters in the U.S. involve some type of flooding. Even if you do not live in a high-risk area, it is worth looking into flood insurance as more than 20 percent of all flood insurance claims are filed in low-to-moderate flood-risk areas.
Below are some common questions we hear when clients inquire about flood insurance.
Does my Homeowners Insurance cover flood damage?
Flood insurance must be purchased as a separate policy because flood damage is not covered under homeowners’ policies.
I don’t live near water—do I need flood insurance?
Floods are the most common natural disaster in the U.S. In fact, your home is more likely to be damaged from flood than from a fire. Floods are caused by storms, melting snow, hurricanes and water backup due to inadequate or overloaded drainage systems, dam or levee failure.
Doesn’t federal disaster assistance pay for flood damage?
Federal disaster assistance is only available if the president declares a disaster, and more than 90 percent of all disasters are not presidentially declared. Even when a disaster is declared, government assistance is provided as a loan that you must pay back with interest. Flood insurance, however, will cover damages even if a disaster is not declared.
Is flood insurance affordable?
Flood insurance is affordable, and less than you might expect. Professional Insurance Programs can provide you with a quote.
What is covered by a flood insurance policy?
Direct physical losses caused by floods are covered. Also covered are losses resulting from flood-related erosion caused by strong, abnormally high waves or currents of water activity, severe storm, flash flood or abnormal tidal surge. Damage caused by mudslides as specifically defined in the policy forms is covered. Your basement structure, essential equipment and other basic items normally located in a basement are covered; however personal belongings stored in a basement, such as furniture, are not covered.
How do I get flood insurance?
Contact our office at 800-637-4676 or [email protected]. Anyone can obtain flood insurance as long as your community participates in the National Flood Insurance Program (NFIP), a federal program designed to provide reasonable flood insurance to homeowners, business owners and renters.
When will my policy go into effect?
There is usually a 30-day waiting period before a flood insurance policy can become effective.
If you still have questions about flood insurance or to inquire about receiving a quote, please contact Professional Insurance Programs at 800-637-4676 or email [email protected].
Source: Federal Emergency Management Agency (FEMA) and the Institute for Business & Home Safety (IBHS)
Submitted By: Professional Insurance Programs