Are You Prepared For Spring Flooding?

Storms in the spring and the summer can be devastating and cause severe flooding. Also, as the winter comes to an end, many areas throughout the country may experience flooding. From heavy rains, severe weather, to the so-rapid snow melt, these conditions may increase the risk of your home being damaged by flooding. Taking the right steps can help protect your property.

Flooding causes damage more than any other natural disaster in the United States – causing $8 billion in damages. If you didn’t experience a flood in the past, the Federal Emergency Management Agency (FEMA) estimates that approximately 33% of flood insurance claims happen in non-high-risk areas. Notwithstanding where you are located, be prepared and take the steps to protect your home.

What’s Flood Insurance?

Flood insurance covers the flood peril that your homeowner’s or renter’s insurance policies may not cover. It’s a separate coverage you can purchase through an agent or insurer that participates in the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA) – they work closely with over 80 private insurance companies to offer affordable insurance to homeowners, business owners, and renters.

Keep in mind that a requirement to qualify for flood insurance is for your home or property to be in a community that joined the NFIP. If for any reason, your community doesn’t participate in the NFIP, a licensed agent can help you find private flood insurance. Make sure you compare coverage and premiums before deciding which policy to buy. There is usually a 30-day waiting period for your NFIP policy to go into effect after it’s purchased.

Why Do You Need Flood Insurance?

Based on FEMA statistics, just one inch of water in a home could cause over $27,000 in damages. If you haven’t purchased flood insurance, you may experience financial ruin. Make sure you contact your insurance provider to find out if they participate in the NFIP and request a quote. Flood risk levels are divided into three categories: high risk, moderate risk, and undetermined risk areas.

Flood Safety Tips

In the event of a flood, it’s important you have a plan. Learn the evacuation routes and designate an out-of-state point of contact in the event your family is separated. Prepare your home, things you want to protect, and make sure you turn off your electricity once needed. Keep your insurance information and any other important documents in a safe place. Contact your insurer as soon as you can.

Remember your insurer may have a certain time frame to notify them. Take pictures of property damage and prevent further damage by cleaning and drying wet items if possible. Protect yourself from fraud. Get more than one bid of contractors and request references. Ask for their licenses, insurance, permits, and building permits. Record their license plate and check if there are any complaints from the Better Business Bureau (BBB).  

Talk to one of our agents today about how you can purchase flood insurance.

Sources
  • https://www.fema.gov/national-flood-insurance-program

  • https://www.floodsmart.gov/

  • https://www.benefits.gov/benefit/435

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