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Flood Insurance

What Is Flood Insurance?

Unlike a standard homeowners policy, flood insurance covers losses to your property caused by flooding.

Some of the things a standard flood policy will cover include:

* structural damage
* furnace, water heater and air conditioner
* flood debris clean up
* floor surfaces such as carpeting and tile

You can also buy a flood insurance policy to cover the contents of your home, such as furniture, collectibles, clothing, jewelry and artwork.

Policies are available in three forms: Dwelling (most homes), General Property (apartments and businesses), and Residential Condominium Building Association (condominiums).

It's important to know that if you have a federally backed mortgage on a home located in a high-risk area, federal law requires you to purchase flood insurance. Also, if you've received a federal grant for previous flood losses, you must have a flood policy to qualify for future aid.

Benefits of Flood Insurance

Buying flood insurance is the best thing you can do to protect your home, your business, family, and financial security.

When you're a flood insurance policyholder ...

* Flood insurance compensates you for all covered losses.
* Coverage is relatively inexpensive.
* You can depend on being reimbursed for flood damages even if the President decides not to declare a Federal disaster.
* You don't have to repay a loan, as you might have to with many Federal disaster relief packages. Your covered losses are paid in full.
* You can count on your claim being paid in the event of a flood loss because NFIP flood insurance is backed by the Federal government.
* Your agent can help you handle your claim quickly, so that you won't have to put your life on hold if your property is damaged by a flood. You can even request a partial payment immediately after the flood, which can help you recover even faster.
* Your flood insurance claims are paid by policyholder premiums, not taxpayer dollars.

Any other questions? We'll be glad to help. Call 860-283-0278

 

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