When it comes to floods, what
you don't know CAN hurt you.
Your
standard Homeowners policy does not cover
flood damage. Surprised? So are most
property owners after a flood!
Check your
insurance policies now.
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Only
a flood insurance policy covers damages to your
home or commercial property from floods. Contents
coverage is available, but optional.
90% of all
Presidentially-declared disasters are flood
related.
Under the National Flood
Insurance Act, lenders must require borrowers
whose property is located within a high-risk
(Special Flood Hazard Area or SFHA) flood zone to
purchase flood insurance as a condition of
receiving a Federally-backed mortgage loan.
Flood coverage is available
for home, condo and business owners, as well as
for renters.
The average flood policy
costs just over $320 a year - less than $1 a day!
That's less expensive than interest on Federal
disaster loans.
The Federal Emergency
Management Agency (FEMA) provides flood insurance
through the National Flood Insurance Program
(NFIP). And because the federal government sets
flood insurance rates, your premium will be the
same no matter who provides it.
Federal assistance is only
available in a Presidentially-declared national
disaster. Less than 50% of all floods qualify.
If you are uninsured and
receive Federal disaster assistance after a
flood, you must purchase flood insurance to
remain eligible for future disaster relief.
The average Federal grant
for flood damage is around $2,500. How much of
your property would that replace? If you receive
a Federal disaster loan, it must be repaid, with
interest!
Most new flood policies have
a 30-day waiting period, so don't wait until the
last minute. Plan ahead!
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