Flood Insurance

WHO NEEDS FLOOD INSURANCE?

Flooding can occur just about anywhere. Other than fire, it is the most common and widespread natural disaster.

Hurricanes, winter runoff, and heavy rains all cause flooding…and not just for people who live near rivers and other large waterways.

The Question is: WHAT IS A FLOOD?

The National Flood Insurance Program (NFIP) defines flooding as "a general and temporary condition during which the surface of normally dry land is partially or completely inundated. Two adjacent properties or 2 or more acres must be affected."

According to NFIP's definition, flooding can be caused by any one of the following: -The overflow of inland or tidal waters; -The unusual and rapid accumulation or runoff of surface waters from any source such as heavy rainfall; -The incidence of mudslides or mudflows caused by flooding which are comparable to a river of liquid and flowing mud; -The the collapse or destabilization of land along the shore of a lake or other body of water resulting from erosion or the effect of waves or water currents exceeding normal, cyclical levels.

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BASIC HOME INSURANCE WON'T COVER YOU:

When flooding does occur, it can lead to financial upheaval or ruin if you don't have the proper kind of insurance. In this case, a basic homeowner's policy DOES NOT cover you. YOU NEED FLOOD INSURANCE.

Flood insurance is a special policy backed by the federal government, with cooperation from local communities and private insurance companies.

More than 18,000 communities have agreed to stricter zoning and building measures to control floods and have joined the National Flood Insurance Program (NFIP) and are entitled to purchase flood insurance.

About 200 insurance companies, possibly including the company that already handles your homeowner's or auto insurance, write and service the policies for the government, which finances the program through premiums.

The average flood policy premium is about $350 a year; some people in low-risk zones can obtain flood insurance for as little as $110 a year.

MANY PEOPLE DON'T THINK THEY NEED IT...BUT 

Even though flood insurance is "relatively inexpensive", most Americans are unprotected against flood loss.

According to the Federal Insurance Administration, of the approximately 10 million households in so-called Special Flood Hazard Areas — the most vulnerable to flood — no more than a quarter are covered by flood insurance.

Yet in these special hazard areas, flooding is 26 times more likely to occur than a fire over the course of a typical 30-year mortgage.

People in less hazardous zones, who are even less likely to have flood insurance, also miscalculate their risks.

Almost a quarter of the claims paid out for flood damage come from the low and moderate risk zones, where people often think — wrongly — that flooding only happens to people living on river banks.

Is it worth taking a chance by not having Flood Insurance?

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WHAT'S SO GREAT ABOUT FLOOD INSURANCE? 

Homeowners, business owners, and renters can all purchase flood insurance.

Flood insurance puts you in control: you don't have to wait in lines or qualify for disaster assistance that you may have to pay back with interest (or not even get).

Flood insurance claims are paid even if a disaster is not declared by the President.

You can buy flood insurance no matter where you live... ...in high, low or moderate risk areas.

Flood insurance claims are handled quickly so flood victims can recover quickly.

When you file a flood insurance claim you can get a partial payment immediately, so you can start recovering faster.

Flood insurance reimburses you for all covered losses. Homeowners can get up to $250,000 of coverage and business owners can get up to $500,000.

There is separate contents coverage, so renters can get flood insurance, too.

Flood insurance claims are paid by policyholder premiums, not taxpayer dollars.

Maintaining a flood insurance policy is one of the most important things you can do to protect yourself and reduce the cost of flooding disasters.

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