Insurance Info

When considering flood insurance, you may try to convince yourself that you live in an area where flooding is not a possibility. The reality is that flooding is possible anywhere. Of course to understand why this is, you first have to understand what a flood is. For example, did you know that a mudslide is considered a flood and in order to be compensated for mudslide-related damage you would be required to make a claim against your flood policy, not your homeowner’s policy? Water damage of any depth is considered a flood. This means that any damage caused to your home by things like a broken water hose from a dishwasher, a main breaking, or even someone’s sprinkler system going haywire would all be considered flood damage. Without a comprehensive flood insurance policy, you could very easily find yourself overwhelmed by the cost of repairing water or mud related damage to your home.

Another thing to consider is that some of the most devastating floods in recent history have occurred in areas that are not considered flood planes or at high risk for flooding. Hurricane Katrina is a perfect example as tens of thousands of people who had their homes destroyed by the storm have been unable to rebuild because they didn’t have flood insurance coverage. Simple and relatively inexpensive flood insurance could have mitigated the damages for thousands of people, if only policies had been in effect at the time of the storm. Continue reading ‘What is a Flood Anyway?’ »

Damage from a flood is NOT covered on your home insurance policy!

Facts about floods:

- Floods and flash floods are the most common natural disaster, occurring in all fifty states
- One third of all flood insurance claims are generated outside areas considered flood-prone.
- Just a couple inches of water can do thousands of dollars of damage to a home
- One in five adults were not sure whether flood damage was covered in their standard homeowners policy
- You do not have to live near water to suffer a flood loss
- Floods can be caused by many things such as heavy rain, melting snow, inadequate or overloaded drainage systems, dam or levee failure, hurricanes and more.
- Every year, flooding causes more then $2 billion of property damage in the U.S.
- Everyone lives in a flood zone
- Your home has a 26% chance of flooding as opposed to the 9% chance of fire during the course of a typical 30 year mortgage
- A flood is defined by FEMA as – A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:

- Overflow of inland or tidal waters,
- Unusual and rapid accumulation or runoff of surface waters from any source, or
- A mudflow ; defined as A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water or
- The collapse or subsidence of land along the shore or a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above. Continue reading ‘Facts About Flood Insurance and What You Need to Know in 2009’ »

You may think a flood can never happen to you, so you may think that you don’t need insurance coverage for floods. Or, you may simply not know if your insurance covers floods or not. Well, now is an excellent time to find out why you may need coverage and how you can find out if you have it or not.

Floods have always been an unwelcome surprise, and sometimes floods can happen where you don’t expect them to. Even in landlocked areas that are currently in a drought. The Atlanta, Georgia area, which is a good 4 hour drive from the shore, was considered to be in a drought when floods ravaged whole subdivisions and forced entire sections of the highway to be closed off late in September, 2009. It was a disaster, with too many lives lost and too much damage, with some estimates saying the damage is over $250 million. At this point, we can only be thankful that more people weren’t affected. Continue reading ‘Flood Damage – Are You Covered?’ »

Things happen when we least expect it. Flood damage can just happen to us and we have no idea when. It can happen to anyone. That is why there are companies offering flood insurance quotes to customers just in case this tragedy happens.

Through the NFIP or the National Flood Insurance Program, these insurance companies can provide their clients with the assurance that they are insured just in case of flood. Continue reading ‘Flood Insurance Quotes’ »

Most buildings and contents policies can provide up to 25,000 pounds of cover plus arranging alternative accommodation in the event of flood damage. Within 24 hours of you contacting your home insurance provider and making a claim a loss adjuster will visit your home or property and assess the situation. When the loss adjuster has finished their assessment on your property they will put together a timetable outlining what requirements and actions will need to be done in order to restore your property.

Most home insurance companies will start cleaning and stripping out your property. They will probably employ a specialist cleaning company to do this called a disaster restoration company. They will remove silt and debris left by the flood and clean all affected areas. Plus check electricity supplies, appliances and gas. Then they will remove any damaged and wet fittings and home furnishing as well as any damaged woodwork or plaster. When they have finished cleaning and stripping out your property they will then disinfect all affected areas of your home. The drying of you house will however take some time perhaps even months after a serious flood. This process must be completed before any the repair work can be done on your property. Continue reading ‘Is Home Insurance a Good Idea For Protection Against Flooding?’ »

Introduction
Flood Insurance protects your house & possessions from loss by rising water from the outside. Think about a river or creek overflowing into your home… a frightening thought. Homeowner’s and other property insurance specifically exclude this peril.

If you own a house in a known flood risk area (i.e., the 100-year floodplain) with a bank loan, your mortgage bank will normally require flood insurance. For most homeowners, handling this mortgage bank flood insurance requirement is all they focus on and they ignore their true flood hazard. Then when a major storm does come, they have inadequate flood insurance coverage often with too little coverage on their house (often only the home loan balance) and no contents protection. Continue reading ‘Understanding Flood Insurance’ »

Water damage and flood damage are considered two different types of hazards. All homeowner insurance policies exclude coverage in the event that damage was caused by flooding. When two or more acres of normally dry land or two or more properties are swamped by water, flooding has occurred. If a washer machine hose breaks or rain enters the home through the roof or broken window, water damage has occurred and coverage is provided by a homeowner insurance policy.

Compensation for damage caused by flooding is provided by a flood insurance policy. Unlike a homeowner insurance policy which is offered by private enterprise, this type of policy is available from the federal government. The National Flood Insurance Program (NFIP) is the government entity which provides these policies. NFIP is administered by the government through the Federal Emergency Management Agency (FEMA). NFIP works through private insurance companies to assist in making flood insurance policies available to property owners and renters. The private insurance companies utilize property and casualty insurance agents to sell the flood insurance policy to property owners and renters. The cost of the policy for a specific property does not vary from company to company or agent to agent. The primary factor that determines the cost for a policy is the location of the property and its risk for flooding as determined by NFIP. Flood maps are utilized to predict the risk for flooding in a particular geographic area and the specific elevation of a property further determines the level of risk. Continue reading ‘A Flood Insurance Policy is Often Misunderstood by Homeowners and Renters’ »

The National Flood Insurance Program (NFIP) regulates insurance agencies as well as the cost of insurance. They also deal with many of the flood damage claims that come in. In most states, you can purchase flood coverage through the same company that sells homeowner’s insurance, but in states where this is not available, the NFIP is there to help. However, many times, the insurance offered by the NFIP is inadequate in the event of a major flood. For this reason you will want to cover yourself with extra water damage coverage insurance.

Excess flood insurance is coverage for above and beyond the NFIP maximum set amounts. When you purchase primary insurance through the National Flood Insurance Program, you will be insured for a maximum of $250,000 for your home, $100,000 for the contents, and $500,000 for businesses. While this amount is typically adequate for modular homes and single-story houses, larger homes could be far more expensive. With these more expensive homes, $250,000 might make a large dent in the cost to cover minor flood damage, but in the event of severe damage or total loss, homeowners could be paying quite a bit out of pocket. This is why getting more insurance is important. Continue reading ‘Be Protected – Obtain an Excess Flood Insurance Quote’ »

We all want to stretch our wallets. If we can get something at a cheaper price but receive the same benefits, we do it. If we want flood insurance, we try to get cheap flood insurance. As long as we get the same benefits from the general flood insurance cost, we go for less.

If you reside in an area that is prone to flooding, you should definitely get it. Imagine the flood ravaging your home. Imagine how much you have to spend for damage control. Imagine the cost of replacing what you lost. Buying flood insurance is the best option for any homeowner. Continue reading ‘Cheap Flood Insurance Quotes – Protect Your Home From Flood Damage’ »

Insurance for water damage in your home is often part of your general homeowners policy. Your insurance may cover losses that are due to a pipe that burst or an appliance that leaks, but may not if you are exposed to a flood, tornado or hurricane.

For this kind of coverage you will need a separate policy. Unfortunately, many homeowners recognize this way too late. You can choose how much coverage you purchase, but do get the extra coverage. Continue reading ‘Insurance For Water Damage Will Help Save Your Property’ »