In five years’ time, every state in the union has encountered at least one flood or one flash flood.
Your city map may not show it but every person, no matter where you live, resides in a potential flood zone.
Coverage for flood damage is not automatically included in a homeowner’s policy. Be sure to check yours.
Is your home in a Special Flood Hazard Area or an area with higher risk probability? If you have an FHA mortgage and you live in such an area, you are required to have a flood policy.
It doesn’t take a catastrophic flood to create disaster. Less than six inches of water can cost many thousands of dollars in destruction.
In the event of flash flooding, water surges can reach ten feet and higher.
It only takes two feet of fast moving water on a roadway to overwhelm a car.
Just because it’s not raining hard during a weather event doesn’t mean flood or flash flood won’t happen. A hurricane, blizzards and heavy melt-off of snow are too frequently ignored as a flood cause.
Be mindful of newly developing land sites. As these are built, the natural pathways for runoff can be compromised
Think U.S. government financial assistance is cheaper than flood insurance? Think again! A thirty-year federal loan of $50,000.00 taken out at an interest rate of four percent breaks down to a monthly payment of $240.00. That’s $2,880.00 every year! Contrast that against a $100,000.00 flood policy at $400.00 annually. That breaks down to monthly payments of $33.00.
Affordably priced Preferred Risk flood policies that cover a building plus the contents can be taken out for a property where the flood risk is low or moderate.
Is your town, city or neighborhood in an NFIP partnership? You qualify for flood insurance! Find out if you live in a National Flood Insurance Program community by checking FEMA’s Community Status Book .
Thirty days is how long it usually takes for insurance to take effect once you buy it. Don’t wait until the weather event is imminent or the waters begin rising around you before thinking about flood insurance.
A property in a high risk region has a higher chance of flood damage than being taken in a fire.
No one is 100% safe from flood disasters. Twenty percent of NFIP flood policy claims are filed by property owners who don’t live in high risk flooding regions. A full third of Federal Disaster Assistance go to property owners who have flood damage outside the high risk regions.
$3.5 billion went out annually between 2005 and 2014 for flood coverage claims.
Premium reduction discounts of as much as forty-five percent are available to qualified property owners in higher risk regions when communities participate in the Community Rating System (CRS). Even a moderate to low risk are can receive as much as a ten percent discount in the CRS program.
Between 1978 and 2015, the NFIP satisfied flood claims and their associated expenditures to the tune of almost $50 billion.
Higher awareness has resulted in over 5.3 million policies being taken out in over twenty-two communities across the United States.
Two flood insurance terms to know: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV refers to replacement costs for flood damage to single family, primary homes. ACV isn’t the same as RCV. ACV is calculated by the subtraction of depreciation from replacement costs.