Author: Ken Henry
Source: ezinearticles.com
Damage caused by flooding is not covered in your home insurance policy! Data Flood: – Floods and flash floods are the most frequent natural disaster, occurring in all fifty states – a third of all flood insurance claims are generated outside areas considered prone to flooding. – Just a couple of inches of water can make thousands of dollars in damage to a house – one in five adults were not sure whether flood damage was covered in your standard policy – you do not have to live near water to suffer a loss of flood – Flooding can be caused by many things, such as heavy rains, melting snow, inadequate or overloaded drainage systems, dam or failure of the levees, hurricanes and more. – Every year, floods cause more than $ 2 billion of property damage in the U.S. – Everyone lives in a flood zone – Your home has a probability of 26% of floods compared with 9% probability of fire during a typical year 30 mortgage – A flood is defined by FEMA as — general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is his property) from: – Overflow of inland or tidal waters — unusual and rapid accumulation or runoff of surface waters from any source, or – a mud flow, defined as a river of mud and fluid flowing over the surface of normally dry areas, such as when the earth is achieved by a current water or – The collapse or subsidence of land along the coast or a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood that as defined above. What is flood insurance? Flood insurance is a special policy backed by the National Flood Insurance Program (NFIP). Flood insurance covers out of flood waters on earth. It does not cover broken pipes, or main breaks that can damage your home unless caused by the floods. It is important to note that homeowners insurance is designed to bring home and its contents back to the same condition it was before a loss, while flood insurance is only meant to get you back on your feet. Who needs flood insurance? According to FEMA – the whole world. One would think that if you do not live in a beach front property you do not need flood insurance. However, beachfront properties represent only 3% of all flood losses. Everyone lives in a flood zone and flood damage can happen to your home even if you do not live near water. Over 25% of all flood claims come from areas of low to moderate risk. How do I buy flood insurance? First, check if your community participates in the program. Then contact your local insurance agent. Your agent will be able to sell a policy through the NFIP. Do not wait to buy insurance until a flood is forecast, there is a waiting period of 30 days for insurance to come into force.
Author: Ken Henry can help you find the answers to your insurance questions. Get flood insurance advice and quotes from 5 top companies, plus get an exciting tip sheet on auto and home insurance
Tags: flood insurance flood damage flood zone flood insurance program needs flood insurance purchase flood