Flood and water damage to a home can be heartbreaking. Flood insurance provides protection for destruction and financial devastation caused by floods. Although it may not seem like much even a few inches of water can cause serious damage; resulting in thousands of dollars in repair and restoration costs. Homeowners insurance does not cover floods.
According to FEMA:
- Flooding is the #1 natural disaster in the United States.
- Floods and flash floods happen in all 50 states.
- Everyone lives in a flood zone.
- You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program (NFIP).
Federal disaster assistance is not the answer! Assistance is ONLY available if the U.S. President declares a disaster, and 90% of the time, disasters are NOT declared. More importantly, the average grant is only $2,500.
Different types of policies are available based on your property's location and flood history:
Standard Flood Insurance Policies
If you live in a community that participates in the NFIP, your building and its contents can be covered by a standard flood insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who "voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage." To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
Preferred Risk Flood Insurance Policies
If your home is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren't required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
Newly issued flood policies carry a 30-day waiting period, so do not wait for the next storm to purchase your policy!
A flood insurance quote from Tanenbaum Harber is fast, easy, and just a phone call away. Please call us at 866.620.THFL (8435) to promptly receive a personalized, no obligation quotation for your home or condominium.