The most common thought when it comes to floods is “I never thought it could happen to me!” Over 30% of floods occur in low to moderate risk areas. Your home or business is 26 more times likely to experience a flood than a fire if you are in a high risk zone. Flood insurance is INCREDIBLY affordable. Flood damage is not.
Floods can strike anywhere, at anytime, and they do not stay in one place. They rage and sweep away everything in their path. So, even if you are not near water, it can reach you and by the time it does, you can lose everything that you’ve spent a lifetime building.
Here at Harry Levine Insurance, we can get a flood hazard determination for your property in a matter of minutes. New developments where you may live change flood plains and water run off ability, but flood zones and maps may not be updated for years. The “low hazard” area you moved into years ago could be destined for floods after years of changes to the area.
Do your streets fill up when it rains?
Here are some little known facts about flood insurance and federal disasters:
The Federal Emergency Management Agency: Only 3% of Flood disasters qualify for Federal Assistance!
The average federal grant is $3,300. To be paid used for basic needs only, such as food and clothing.
FEMA loan assistance is available on only declared disasters and must be repaid on top of your existing mortgage loan.
The National Flood Insurance Program (NFIP) sets all of the rules and oversees the entire Flood Program. NFIP provides coverage to all flood insurance policy holders including renters, homeowners, and business owners.
This program offers various Flood coverage options, depending on your property location. If you are a homeowner in a “low” hazard area, premiums start under $200 a year! Please note, if you do not purchase insurance in conjunction with closing on your home or building, there is a 30 day waiting period before your coverage starts.
Don’t wait for a hurricane or storm surge to investigate your flood insurance options! Call or visit our offices today if you would like to purchase flood insurance or update an existing policy.
Dropping Flood Insurance
Damage from flooding is not covered under standard homeowners and renters insurance policies. Instead, you must purchase a separate flood insurance policy. Most people tend to underestimate the risk of flooding. In fact, 90 percent of all natural disasters in this country involve flooding, according to the National Flood Insurance Program (NFIP).