Personal Flood Insurance
There's something you should know: Flood losses aren't covered by your
homeowners or business insurance policy.
Floodwaters have the power to damage not only your home and sense of security,
but also your financial future. How can you protect your most important
investment in case of flooding?
Option 1: Hope that you'll receive Federal disaster relief if a flood hits.
Many people wrongly believe that the U.S. government will take care of
all their financial needs if they suffer damage due to flooding. The truth
is that Federal disaster assistance is only available if the President
formally declares a disaster. Even if you do get disaster assistance, it's
often a loan you have to repay, with interest, in addition to your mortgage
loan that you still owe on the damaged property.
Most importantly, you must consider the fact that if your home is flooded
and disaster assistance isn't offered, you'll have to shoulder the massive
damage costs alone.
The bottom line? If you're looking for secure protection from financial
loss due to flood damage, Federal disaster assistance is not the answer.
Option 2: Buy flood insurance and stay protected no matter what.
When disaster strikes, flood insurance policyholder claims are paid even
if a disaster is not Federally declared.
Flood insurance means you'll be reimbursed for all your covered losses.
And unlike Federal aid, it never has to be repaid.
As long as your community participates in the National Flood Insurance
Program (NFIP), you're eligible to purchase flood insurance. To find out
if your community participates, check the Community Status Book on FEMA.gov.
As a homeowner, you can insure your home up to $250,000 and its contents
up to $100,000. If you're a renter, you can cover your belongings up to
$100,000. As a non-residential property owner, you can insure your building
and its contents up to $500,000.
In general, a policy does not take effect until 30 days after you purchase
flood insurance. So, if the weather forecast announces a flood alert for
your area and you go to purchase coverage, it's already too late. You will
not be insured if you buy a policy a few days before a flood.
A flood insurance policy is easy to get, affordable and offers invaluable
peace of mind. With flood insurance, you know you're covered … no
matter what.
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