Are you buying a home? Getting ready to move into a condo or apartment? Now’s the time to look into Flood Insurance coverage options. When it comes to Flood Insurance, there are two options for your provider: the National Flood Insurance Program and receiving coverage private coverage. You may be surprised to discover that most insurance agents can help you get either one. But there are some key differences between these two options that are worth paying attention to. How is My Premium Determined? For the National Flood Insurance Program (NFIP), you can assume the majority of what goes into your premium is based on the location of your home…
-
-
Preparing for Flood
Typical homeowner policies do not cover flood, so it is most likely that unless you’ve purchased a flood insurance policy, you do not have coverage for flood losses. Even though flood insurance is available through many insurance companies, it is actually the federal government that is providing the policy through the National Flood Insurance Program (NFIP). According to the NFIP, a flood is defined as an overflow of inland or tidal waters, unusual and rapid accumulation or runoff of surface waters from any source, a mudflow, or a collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or…
-
What to do After a Flood
It’s a nightmare that, unfortunately, many Americans have had to face: a flood damaging or destroying their home. Water is a force of nature, and there’s just no stopping it. But that doesn’t mean you can’t recover after a flood. Here are some important tips for recovering after a flood. Protect Yourself. There are many dangers involved in the aftermath of a flood. You need to be extremely vigilant. Streamline Your Recovery
-
Do you need flood insurance?
Many Americans don’t need to wonder if they need flood insurance — it’s required as a condition of their home loan. But unlike car insurance, flood insurance isn’t required simply because you own property. In these cases, flood insurance raises the same question as other insurance policies do: When does the premium outweigh the actual risk? Even a $650 annual premium, the amount the National Flood Insurance Program (NFIP) cites as average, seems like a lot if you never use the coverage. Flood damage isn’t covered under most homeowners’ policies, and some can responsibly do without benefits. Here’s what to do if you choose that route—and how to save if you want protection…
-
April Showers Are Coming: Facts About Flood Insurance
In general, flood insurance is only available through the National Flood Insurance Program (NFIP) run by the Federal Emergency Management Agency (FEMA). A few private insurers offer excess flood insurance. According to FEMA, floods, including inland flooding, flash floods and seasonal storms, occur in every region of the United States and 90 percent of all natural disasters in the U.S. involve some type of flooding. Even if you do not live in a high-risk area, it is worth looking into flood insurance as more than 20 percent of all flood insurance claims are filed in low-to-moderate flood-risk areas. Some Facts about Flood Insurance
