April Showers – Do I need Flood Insurance?
  • Post last modified:April 2, 2021
  • Post category:flood insurance

Did you know that, till date, floods are the leading natural disaster in the United States, according to the Federal Emergency Management Agency (FEMA).? Why do you need to pay attention to these statistics? Simply because even a few inches of water can cause costly damage to your home and its contents. Plus, the damages aren’t only of the financial nature. Damage being caused to one’s home have deep seated emotional effects too – ones that are filled with long-lasting effects and regrets.

In dire situations like these, flood insurance can turn out to be a ray of sunshine that you might desperately need. Even if you live in places where the risk of flood is minimal, it is advisable that you still invest into flood insurance.

So, you see, floods can be caused by a myriad of factors – spring thaws, heavy rains, hurricanes and the rapid accumulation of rain after a wildfire are just some of them. Thus, most areas, regardless if they are at a danger of flooding or not, can be subjected to it. Therefore, based on the conditions that you personally face on intervals, you will have to decide your own, specified plan of flood insurance.

When do you need flood insurance?

Always! Especially when your house is situated in a high-risk flood area. Say, your house/ business has been hit by a flood and you have suffered/ encountered massive damages on your property. Flood insurance will help cover these losses directly caused by flooding. In simple terms, a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. For example, damage caused by a sewer backup is covered if the backup is a direct result of flooding.

Types of flood insurance

You can buy two types of flood insurance:

One is available through FEMA and the other is available through private insurers. Both types have varying coverage options and costs and depending on your needs and their provisions, you can sign up for either or both of them.

NFIP

The National Flood Insurance Program, or NFIP, offers flood insurance through FEMA. As long as your community is in one of the nearly 21,000 communities that participate in the program, you should be eligible for both types of NFIP coverage—building property and personal property (contents). This insurance covers building property and personal property damage.

Private Insurance

Only a limited number of insurers offer private flood insurance—flood insurance not funded through the federal government. Companies like Paradiso insurance. These provide higher coverage, shorter waiting periods, are backed by the state, will give you real-time risk assessment, and provide additional benefits.

Being one of the few insurers in the state to provide flood insurance, we pay great attention and close inspection to how these insurances can be tailor-made to fit your requirements. We are always here to help you provide any extra information and provisions that you might need on your insurance plan. Come down to visit us or drop us a call!