Now that we are officially in hurricane season (which started June 1), it is time to review some Flood Insurance Facts:
- Floods and flash floods happen in all 50 states.
- Everyone lives in a flood zone.
- Homeowners insurance does NOT cover flood damage.
- Just an inch of water can cause costly damage to your property.
- A car can easily be carried away by just two feet of floodwater.
- New land development can increase flood risk, especially if the construction changes natural runoff paths.
- Low-to-moderate risk areas account for over 20% of all National Flood Insurance Program claims and receive one-third of disaster assistance for flooding.
- If you live in a low-to-moderate risk area, you may be able to insure your home and posessions for flood damage for as little as $200-$400 per year.
- If you live in a high-risk area, your home is more likely to be damaged by flood than by fire.
- Typically, it takes 30 days after purchase for a policy to take effect, so it's important to buy insurance well BEFORE the floodwaters start to rise.
- Since 1978, the NFIP has paid over $36.9 billion for flood insurance claims and related costs (as of 12/31/10).
- Over 5.5 million people currently hold flood insurance policies in more than 21,000 communities across the U.S.
Questions on flood insurance? Please comment or contact us!