Flood Insurance

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Flood Insurance

You may not think you need flood insurance but if you are located in a high-risk flood area you may be required by your lender to get it. It is also important to remember that floods may occur outside of high-risk areas, and can happen suddenly due to unforeseen weather events. There is usually a 30-day waiting period for the coverage. Planning ahead is important - waiting for federal disaster aid to be approved is not an effective strategy to ensure that you have adequate protection. Flood insurance helps to offset the potential financial impact of replacing your property if it is damaged by a flood.

Flood Insurance

Most homeowner policies do not cover damages that are caused by floods. As a result, this coverage is important to consider. Even if you do not live in a high-risk area, groundwater flooding can cause damage to buildings on higher ground. Evaluating your location and need for this type of coverage is a critical component of a sound insurance program. Over 20 percent of flood insurance claims originate from areas that are not considered to be high flood-risk.

Flood insurance is available under the National Flood Insurance Program (NFIP) in thousands of communities nationwide. It provides coverage for residential and non-residential buildings and their contacts in both high risk and low risk areas. Flooding is the largest single cause of natural disaster loss and damage in our country. The Federal Emergency Management Agency (FEMA) advises that although federal disaster relief assistance is sometimes available after a flood, such financial assistance is typically in the form of a loan and must be repaid to the Government in addition to any other outstanding loans.

Avoid financial uncertainty and gain peace of mind that your home or business will be covered from flood damage with a Flood Insurance policy.

What might be covered by Flood Insurance?

Although this list is not exhaustive, it provides some common elements of Flood Insurance coverage and a quick overview of each.

• Contents Coverage: This coverage can help offset financial expenses that you may incur as a result of flood damage to personal property inside your home or business such as: personal possessions (clothes, jewelry, furniture, electronics, etc.), carpeting that is not included in building coverage, curtains/blinds, appliances, microwaves, washers and dryers, air conditioners, valuables like artwork, etc. (up to the policy maximum limits).
• Building Coverage: Flood insurance coverage for buildings generally includes things like: furnaces, water heaters, plumbing systems, electrical systems, installed carpet, installed cabinets/bookcases, foundation walls, staircases, water tanks, detached garages, etc. (up to the policy maximum limits).

Replacement coverage through FEMA generally covers replacement of damaged parts using the actual depreciated cost value so this is important to keep in mind when selecting coverage. There are coverage limits on flood insurance policies (for both building and content) as well as deductible options.

These policies typically do not cover: swimming pools, living expenses, decks and walls, valuable papers or currency, etc. Work with our team to learn more about various aspects of flood insurance coverage/options.

Do you have questions about Flood Insurance?

Navigating different types of policies and options can sometimes be overwhelming, but Emmanuel Insurance is here to help. Our agents will work with you to find the best policy that fits your needs and budget. We represent the top-rated insurance companies in the country, with access to over 50 carriers. Contact an insurance specialist at Emmanuel Insurance today to answer any questions you may have about Flood Insurance, or for a free review and insurance quote for Flood Insurance.