As record rainfall has fallen in the area during the spring and beginning of summer we have received many questions regarding flood insurance. We have posted some helpful information for your review about how flood insurance works. If you would like a quote for your home please give us a call at 804-559-1200.

Know Your Flood Risk to Understand Your Flood Insurance Needs

    *Floods can happen anywhere, at any time. You should know your risk and consider flood insurance if you live in or even outside of a mapped high-risk area
    *Even if you live outside the high-risk area and are not required by law to purchase flood insurance, you are still at risk for flooding and should consider flood insurance
    *Flooding is typically not covered by homeowners insurance

A Flood Insurance Policy is the Best Option to Protect Your Home

    *As long as your community participates in the National Flood Insurance Program (NFIP), you are eligible to purchase flood insurance
    *When you purchase a flood insurance policy, there typically is a 30-day waiting period for coverage to become effective. Don't wait until a storm is on the way to try and obtain coverage. 
    *The maximum amount of National Flood Insurance Program is $250,000 for buildings and $100,000 for contents. Businesses can obtain up to $500,000 on buildings and $500,000 on contents
    *Renters are eligible to purchase a flood insurance policy for their contents

Premiums Are Set by the NFIP and Do Not Differ Among Insurance Companies

    *The average yearly premium is about $700
    *Properties located in moderate to low risk flood areas might qualify for a lower cost Preferred Risk Policy which includes building and contents coverage

What is Typically NOT Covered by Flood Insurance?

    *Damage caused by mold, moisture or mildew that could have been avoided by the property owner
    *Living expenses such as temporary housing
    *Property and belongings outside of a building such as trees, plants, well, septic systems, walks, decks, patios, fences, hot tubs & swimming pools
    *Self Propelled Vehicles such as cars
    *Financial losses caused by business interruption or loss of use of insured property

Give us a call today to find out more about the National Flood Insurance Program and how you could benefit from flood insurance.
Posted 5:04 PM

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