Flood Insurance: Are You Covered?
Did you know that your homeowner’s policy does not cover flood damage? While loss caused by hurricane winds is included in most policies, the water damage from rising water that hurricanes, tropical storms or heavy rains can bring is not.
Generally the only flood coverage available is through the National Flood Insurance Program (NFIP), administered by FEMA. You can purchase insurance through a private property and casualty provider, given that your community has joined the NFIP. Rates are predetermined by the government based on your area’s flood map.
Just how unprepared are Americans for flood damage? Only 15-25% of at-risk properties in the Northeast are covered, according to insurance experts, which left the majority of uninsured properties devastated after Hurricane Sandy. Likewise, Almost half of the property flooded during Hurricane Katrina was uninsured.
Don’t assume that flooding will never happen to you, especially if you live in a coastal area. The NFIP states, “people outside of mapped high-risk flood areas file nearly 25% of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding.” Check with your provider today to save your home or business from potentially crippling financial loss.
To find out more about commercial or residential flood insurance, contact a Cravens Warren flood insurance specialist today!