Flood Insurance

Don't Get Caught Under Water!

  Most people believe you are safe from flooding if you don't live on the coast. The truth is if you live where it rains, you are subject to the possibility of flooding. Certain areas are more prone to serious flooding than others. But keep in mind, flooding can happen anywhere. 
    Fast melting snow, severe storms and heavy rainfall can cause flooding far inland. People living outside of the high risk flood areas file more than 20% of the claims in the National Flood Insurance program. Those same claims receive 1/3 of the disaster assistance for flooding. As little as 1 inch of water can cause damage to your home. Damage your Home insurance policy will not cover. A car can be carried away by as little as 2 feet of flood water. These are just a few good to know  Flood Facts.
   The average residential flood claim is around $30,000. This doesn't include the claims from Catastrophes.  A flood policy will cover the building and the contents. Personal property coverage is optional, so be sure to discuss what you want with your agent.  Premiums can start as low as $150 annually, depending on the amount of coverage and the risk factors of the area. If you are in a high risk zone, your mortgage company will require a flood policy. If you are in a moderate-low risk area, a flood policy is optional.High risk areas will have higher premiums than the moderate-low risk areas.
   You can obtain a policy through the federal government under FEMA's National Flood Insurance Program, or you can go through private insurers. Private insurance may offer different limits of coverage and premium.  There are various levels of coverage and deductibles. You will have a separate deductible for both the building and the contents.  Talk with your insurance agent to decide what would be best for you. There is typically a 30 day wait period for any flood policy to take affect. Keep this mind when your mortgage company requires a flood policy on your new home. You will need to file for the policy at least 30 days before your closing date. 
 
Thanks for reading!
Nancy Brockman

As always, please contact The Brockman Agency with any questions on your Home, Auto, Business or Life Insurance.
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