A flood loss is 30 times more likely to occur than a fire loss and the chance of a building located in a flood-prone zone being ravaged by a 100-year flood is 25 percent greater than the chance that fire will strike a building in the same zone.
In addition, while floods typically occur in coastal regions, some of the nation’s most destructive flooding has occurred along riverbanks. In fact, the 1993 flooding along the Mississippi River left 70,000 people homeless and caused about $12 billion in damage to property and agriculture. Over 50% of flood claims occur in areas considered to have low flood exposure.
Your basic homeowners insurance and most commercial property policies do not protect you against damage from floods.
In the case of the most severe floods, assistance is available; however, it’s usually in the form of loans through the Federal Emergency Management Assistance (FEMA) program. And that’s only after the federal government has declared the site a disaster. What’s more, those loans must be repaid on top of your existing loan and you will be required to carry flood insurance.
Can you afford to be without flood insurance? The answer is simple. No.
Now you can buy flood insurance that is financially backed by the National Flood Insurance Program (NFIP) through your Independent Agent.
Federal flood insurance is the only type of coverage that protects your building and contents from damage caused by rising water associated with flooding. Available coverages, subject to applicable policy terms, include:
- Structural elements, including walls, floors, equipment and fixtures.
- Contents, such as furniture, appliances, carpeting and wall and floor coverings.
- Personal items like clothing, audio equipment and televisions.