Regular homeowners insurance doesn’t cover flooding, but help is available through the National Flood Insurance Program. Homeowners, business owners and renters can purchase the insurance through a network of private insurance companies. At Max Value Insurance, we’ll search hundreds of companies nationwide and then give you our honest unbiased advice and the lowest rates.
Floods and flash floods happen in all 50 states.
Everyone lives in a flood zone.
Most homeowner’s insurance does not cover flood damage.
If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance. Just an inch of water can cause costly damage to your property.
Flash floods often bring walls of water 10 to 20 feet high.
Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding.
New land development can increase flood risk, especially if the construction changes natural runoff paths.
Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).
If you live in a moderate-to-low risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $129 a year, including coverage for your property’s contents.
You are eligible to purchase flood insurance if your community participates in the National Flood Insurance Program.
It takes 30 days after purchase for a policy to take effect, so it’s important to buy insurance before the flood waters start to rise.
In a high-risk area, your home is more than twice as likely to be damaged by flood than by fire.
Last year, about 25% of all claims paid by the NFIP were for policies in moderate-to-low risk communities.
The average annual U.S. flood losses in the past 10 years (1994-2004) were more than $2.4 billion.
Since 1978, the NFIP has paid over $36 billion for flood insurance claims and related costs (as of 3/22/10).
Over 5.5 million people currently hold flood insurance policies in more than 20,500 communities across the U.S.
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