Mother Nature can be unpredictable and unforgiving. Storms, hurricanes, and flash flooding can strike with little warning, causing significant damage. While your Homeowner’s Insurance policy covers most weather-related damages, it typically excludes certain water perils, including floods.
Understanding Flood Insurance
The National Flood Insurance Program (NFIP) defines flooding as a temporary, partial, or complete inundation of normally dry land, affecting two or more acres or two or more adjacent properties. The key difference between a flood claim and a water damage claim is that flood water comes from a natural source and impacts multiple properties.
Why You Need Flood Insurance
A survey by the Insurance Institute of America revealed that only 12% of Americans have flood insurance. Many mistakenly believe that flood insurance is included in their homeowners’ policy. Without a specific flood insurance policy, a storm can leave your home with devastating damages, similar to those seen in Houston, which you may have to repair out-of-pocket.
How Flood Insurance Policies Are Rated
FEMA has created a flood insurance rate map to help homeowners determine their property’s flood risk. This map guides homeowners on whether they can benefit from competitive pricing based on their property’s likelihood of flooding.
What Flood Insurance Covers
A flood insurance policy protects both your dwelling and contents up to the policy limits. Typically, the maximum coverage is $250,000 for your dwelling and $100,000 for personal property. Higher coverage limits can be purchased through surplus or excess lines. All claims are subject to a deductible, which can be chosen by the homeowner.
Get Flood Insurance Today
Contact us for more information and a quote on flood insurance for your home.
