FLOOD INSURANCE

A standard Homeowners Policy does not cover your home and its contents in the event of a flood. Consequently, your Homeowners Policy may be incomplete without a separate Flood Insurance Policy

Floods can happen anytime or anywhere. The fact is, anywhere it rains, it can flood. Even if you haven’t experienced a flood in the past, that doesn’t mean you won’t in the future. Flood risk isn’t just based on history; it’s based on a number of factors. You don't have to live by water to be at risk. Approximately 30% of all flood claims occur in low to moderate risk areas.

Homeowner Insurance does not cover flood damage, but Federal Flood Insurance does. Flood insurance also covers mudflow, dirt and debris resulting from moving water. Flood Insurance is a separate policy from the National Flood Insurance Program (NFIP) that is sold through independent agencies, such as Advanta. The rates are set by the NFIP and policy forms are standard.

In fact, homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.

Since there is a 30-day waiting period for flood insurance, the best way to protect your home is to act now, before the flood comes! A flood disaster can cause financial ruin! Protect yourself with Flood Insurance!

WHAT YOU SHOULD KNOW ABOUT FLOOD INSURANCE:
  • Whether you are located in a high or low risk area, you are eligible to purchase flood insurance.
  • Maximum coverage available for a residence in a non-hazard flood zone is $250,000 for the dwelling and $100,000 in personal property coverage. While premiums vary based on the location of the property, “preferred risk policies” can be purchased for as little as $352 per year.
  • Factors that affect rate are: flood zone, elevation, the year your house was built, the type of foundation and the replacement cost of the dwelling.
  • Excess flood coverage over $250,000 is available.
  • For most policies, a 30-day waiting period from the date of purchase before the policy takes effect.
  • As a result of the Biggert-Waters Flood Insurance Reform Act of 2012, flood maps are being redrawn and many policyholders will see rate changes
  • Avoid relying on federal disaster assistance. This is only available if the U.S. President declares a disaster. In reality, a disaster is only declared 10% of the time.
  • Since flood policies are backed by the US government, all valid claims are 100% guaranteed.

Contact us about Flood Insurance, or Request a quote .

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