Should you buy flood insurance?
The Risk is Real.
A flood can happen any season and anywhere even if you don’t think you live in a flood zone. If a flood happens to you, the fastest and most economically way to recover is with a flood insurance policy.
More than 20,000 communities have joined the National Flood Insurance Program. If you live in one of those communities then you can buy a flood policy. That is good news considering floods are the most common natural disaster and they are NOT covered by your homeowners insurance.
Don’t wait for a flood season warning on the evening news to buy a policy – there is a 30 day waiting period before coverage takes effect.
Know your flood facts:
Flood insurance is not covered by your homeowners, business or other property policies.
- 25% of all claims occur in low to moderate risk flood areas.
- Everyone lives in a flood zone.
- There is a 30 day waiting period for a policy to take effect.
- In the US, flooding is the #1 natural disaster
- Federal Disaster Assistance – if it is available after a flood, is usually a loan you must repay with interest.
- The NFIP provides coverage up to a maximum $250,000 for the structure of a home and $100,000 maximum for personal possessions.
Flood coverage can be as low as $129 per year for a preferred risk homeowner policy and $162 for qualified business owners.
Call your local Foy Insurance office to see how much a flood policy will cost you.
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