The Dangerous Truth About Flooding
“I didn’t have flood insurance because I wasn’t in a flood plain, so we were told we didn’t need it”
According to the Federal Emergency Management Agency (FEMA), flooding is the nation’s most common natural disaster. Twenty percent of flood claims are filed by people living in moderate- or low-risk areas.
Floodwaters have the power to damage not only your home and sense of security, but also your financial future. How can you protect your most important investment?
What are your flood options?
Even an inch of water can cause thousands of dollars in damage, shocking those who find out flood losses are specifically excluded from their homeowners and personal umbrella policies.
A separate flood policy is needed to cover losses to your property caused by flooding, which provides coverage for things such as:
- Structural damage
- Furnace, water heater and central air-conditioning
- Flood debris clean up
- Electrical and plumbing systems
Flood insurance provides the protection you need to cover losses after a flood ravages your property. The cost of premiums vary based on the amount of coverage you need, what’s covered and your property’s flood risk. As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase flood insurance.
When Does Flood Coverage Take Effect?
In general, a policy does not take effect until 30 days after you purchase flood insurance. However, if your lender requires a flood policy in connection with the making, increasing, extending or renewing of your loan, there is no waiting period.
For more information on flood insurance, including premium costs, levels of coverage and the flood risk for your area, visit Floodsmart.gov or contact Blue Lion Insurance Advisors, LLC.
The next step is easy!
Call us today at (732) 649-1600 to learn how our business insurance advisors could get you the right Insurance coverage at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.