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Here is what you need to know about Flood Insurance

May 8, 2018

 

With our constantly changing climate, flooding is more prevalent than ever and the most common natural disaster. As insurance professionals, it is up to us to advise insureds about the risk of flooding.

According to FEMA, the estimated average claim from Hurricane Harvey was more than $100,000. For those who did not have a flood insurance policy, this amount of a loss can be a costly expense that most cannot afford. A flood insurance policy compensates homeowners, renters, and business owners for all covered flood losses, and unlike a disaster loan, there is no payback requirement.

 

Here are some things to keep in mind as a business owner and/or homeowner: 

 

• A building does not need to be located near water to experience a flood. Floods can occur almost anywhere and at any time.

 

• Flash floods, inland flooding, and seasonal storms bring flooding to every region of the country.

 

• Just inches of water can cause tens of thousands of dollars in damage.

 

• A flood insurance policy compensates homeowners, renters, and business owners for all covered losses, and unlike a disaster loan, there is no payback requirement.

 

• The National Flood Insurance Program (NFIP) requires a 30-day waiting period for the policy to become effective, unless the policy is for a loan closing.

 

• The NFIP writes flood coverage in all flood zones.

 

• Buildings with prior flood losses can purchase a policy from the NFIP. 

 

• About 25% of all flood insurance claims come from low- to moderate-risk areas.

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