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Flood Insurance

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Understanding Flood Insurance


First off, it is important to note that the National Flood Insurance Program (NFIP) is available to help those who reside in flood zones and is operated by The Federal Emergency Management Agency (FEMA). There are many insurance providers who make available additional coverage options to help fill the gaps left behind by one’s standard insurance coverage. It’s important to understand the details of this type of policy coverage so as to make clear how it can help homeowners living in flood prone regions.

Interesting to note

A major percentage of damage due to natural disasters that happen in this country will have a component of some flooding. A surprising 80% of pertinent insurance claims are filed in high risk flood zones. Frequently, FEMA provides support only after the president declares a national disaster. Therefore, it’s highly advised to look into obtaining flood coverage that will offer protection from flood damages even when no national disaster has been declared by the authorities.

Kinds of Coverage

Keep in mind that one cannot receive protection from flood events under a standard homeowner or renter insurance plan.
Therefore, looking into this kind of a policy, that is offered through the NFIP to those jurisdictions that participate in the program, is a smart move. In addition, it is also wise to look into buying a policy from an insurance company that can protect one’s self against a myriad of flood-related losses outside of NFIP coverage- without it one can sometimes find his or herself of luck. Simply undertake an Internet search for an agent or insurance provider that offers NFIP insurance policies. There is much flexibility in this case. For example, a property can be covered on a cash value basis or in the form of the actual cost of replacement.
NFIP insurance coverage is unexpectedly affordable with yearly premiums starting at just over a hundred dollars in some cases. FEMA states that coverage can be increased up to a maximum of $250,000- This amount is determined by the insured’s individual coverage requirements and by the flood risk in the area in which the policyholder lives. Also, one’s home based assets can be covered up to $100,000 yearly.
Keep in mind that there is normally a month’s waiting period before policy protections will kick in, so it is wise to obtain coverage prior to actually needing it. And one is encouraged to investigate obtaining a level of insurance protection that will cover flood damages beyond the standard limits of an NFIP insurance plan. To put it simply, don’t wait until you’re standing in water before getting the appropriate coverage you need and don’t count on the standard home insurance or that which is provided by the federal government to take care of all the losses you are sure to face. Private flood insurance can help enormously in times of need in the aftermath of a flooding event. Talk to your insurance professional today for more details!