Did you know that almost 30 percent of flood insurance claims paid are in low to moderate risk areas? Are you aware that regular homeowner insurance policies do not typically cover flood loss? Have you considered that even if there are no water sources near your home, the area can still flood? Unfortunately many people do not consider these possibilities and are left paying for flood damage out of pocket. Don’t let that be you. Contact us today.
There is current legislation regarding the National Flood Insurance Program (NFIP). NFIP was under the Department of Housing and Urban Development (HUD), and its purpose is to aid in subsidizing flood insurance costs. It also worked to create tougher construction standards that help lessen the damage caused by flooding. Today, the Federal Emergency Management Agency (FEMA) is the administering authority of NFIP. Flood insurance through NFIP generally covers your home or building up to a quarter of a million dollars.
Key points to note are that you must keep your flood insurance current to receive federal disaster assistance. You cannot let it lapse. Typically, you must wait 30 days from the date of purchase for your flood insurance to go into effect. There may be a few exceptions, so it is important to talk to Southwestern Insurance Group for more details.
You can buy additional flood insurance beyond NFIP, and that coverage may be more reliable than you realize. Southwestern Insurance Group has qualified flood insurance specialist to assist you in understanding your flood insurance policies and to determine what coverage you need.
If you are interested in getting more information on flood insurance, Southwestern Insurance Group should be the first insurance agency you contact. Give us a call today to speak with our team! We will give you a better understanding of what adding a flood policy to your insurance portfolio entails and even help you get a quote.