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FLOOD INSURANCE
Flood and water damage to a home can be heartbreaking. Discovering you have no insurance coverage can be truly devastating. All homeowners’ policies have standard limitations and common exclusions. No policy will cover you for everything. Flood and other water-related damage is a common exclusion in almost every home insurance policy.
The following Top Ten Facts will help you better understand how flood can affect you, and what steps to take to protect yourself:
- Flood is defined as “normally dry areas which have temporarily been covered in whole or in part by overflowing inland or tidal waters, rapid run off of surface waters (such as heavy rains), mud flows or slides, or waters present due to the collapse of shores."
- Sewer back-up coverage, sometimes referred to as “sump pump coverage," can be added to a homeowner’s policy by endorsement. This endorsement will cover water damage resulting from the backup of sewers, drains or sump pump pits. Often caused by power failure, this coverage is separate from flood insurance, as the losses are from different causes.
- Regardless of whether someone lives near a body of water, everyone lives in a flood zone and has the risk of experiencing flood. A large percentage of claims are several miles away from the nearest body of water.
- Floods are caused by rain storms, hurricanes, melting snow, and water backup resulting from inadequate or overloaded drainage systems (sewers) and/or dam or levee failure.
- Flood damage is not covered under any standard home insurance policy. However, you can protect yourself by purchasing a separate flood insurance policy from the National Flood Insurance Program (NFIP). Flood policies are sold by independent insurance agents like Horton, and administered through several different insurance carriers. The rates are set by the NFIP, and policy forms are standard, no matter what insurance company or agent writes the coverage.
- As long as your community participates in the NFIP, you can buy flood insurance no matter where your property is located, regardless of whether it is in a high or low flood risk area.
- Flood insurance is surprisingly affordable, often costing less than $400 per year for $100,000 of coverage. A preferred risk policy is available for as little as $200 in low to moderate risk areas.
- Flood insurance can be purchased for your building and contents. Newly issued flood policies carry a 30-day waiting period, so do not wait for the next storm to purchase your policy!
- Federal disaster assistance is not the answer! Assistance is ONLY available if the U.S. President declares a disaster, and 90% of the time, disasters are NOT declared. More importantly, the average grant is only $2,500.
A flood insurance quote from The Horton Group is fast, easy, and just a phone call away. Please call us at 800-981-4700 or fill out the form below to promptly receive a personalized, no obligation quotation for your home.
FLOOD INSURANCE QUOTE
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