Flood Insurance

Did you know floods are the most common natural disasters in the United States? The average cost of flood damage to property in 2014 was $39,000. There is a great need for homeowners to buy flood insurance to protect their property and possessions.

Unfortunately, only one-fifth of the homes that need flood protection have it. Many homeowners mistakenly believe that their traditional homeowners policy covers flood damage. That flood damage can be covered by a special policy called flood insurance.

It is often assumed that only homeowners living in high-risk areas should purchase protection against floods. The truth is every home has the potential to be affected by floods. Natural disasters are unpredictable. One abnormally heavy rainfall can cause even the driest area to flood.

Floods can be caused by rainfall, river overflows, dams breaking, strong coastal winds and ice melts. In order for a property to be covered, the flood has to occur as a direct result of the natural disaster. Although each policy is different, the following are examples of items that are covered.

Debris removal
Kitchen appliances
Electrical systems
Plumbing systems
The home and its foundation

There are three basic types of insurance policies. Residential Condominium Building Association policies are issued to condominium associations and buildings. General Property policies are issued to hotels, apartment buildings, dorms, shops, factories, warehouses and assisted-living facilities. Dwelling policies are issued to residential townhouses, row houses, detached homes, individual condominium dwellings and mobile homes.

The benefits of having policy protection against a flood are endless. Flood protection insurance is inexpensive. The federal government backs the flood policies. All covered losses are paid for by the insurance company, claims can be filed quickly.

Buying insurance protection against a flood is a smart decision to protect your property, financial future and home. Get your insurance today, and save your pockets tomorrow!