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Do You Have Flood Insurance? 5 Things Everyone Must Know

flood-pic.jpgThe Federal Emergency Management Agency (FEMA) draw the flood zone maps that dictate the necessity for flood insurance across the nation.  The National Flood Insurance Program (NFIP) provides property owners and renters insurance against damage from flooding. Here are 5 things everyone should know about flood insurance.

  1. Your homeowner's, business owners' and renters' policies do NOT protect you against damage caused by flooding.  Even if flood insurance is not required for your property, it is an important factor to consider if you are financially vulnerable to flooding.  Natural disasters, such as the recent Hurricane Sandy, make flooding the most common and costly devastation.
  2. Know your flood zone.   There is a risk of flooding no matter where yiour property is locate.  About 25% of flood insurance claims occur outside of the high risk flood zone.
  3.  Flood insurance protects both your building and your contents.  The NFIP does not cover damage to landscaping, fencing, swimming pools and exterior lighting.
  4. There is a 30 day waiting period from the date of purchase until the flood insurance takes effect.  The time to buy flood insurance is before the start of hurricane season.
  5. Flood Insurance ad Federal Disaster Assistance are NOT the same.  Federal Disaster Assistance is a load that must be repaid with interest and is only available after a Presidentially declared disaster.  Flood insurance will cover damage even if the President does not declare an area a disaster area.

If you have incurred damage due to flooding and need help, contact Thomas J. Ueberschaer, P.A.

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