Sump Pump
Flood Insurance Program
Unlike the standard homeowner’s insurance policy, flood insurance covers losses and damages to your property caused by flooding. Such coverage usually includes compensation for structural damage, clean up, and other related significant costs. Some policies will even cover damage to the contents of your home, such as furniture, collectibles, clothing, jewelry and artwork. Buying flood insurance is a smart decision as it will protect your home, your business, and your family from the devastating circumstances of a flood. A flood insurance program will offer fast assistance when you need it.
The
three forms of policies
- Dwelling (homes)
- General property (apartments and businesses)
- Residential Condominium Building Association (condos)
Here are some of the benefits of flood insurance by Flood Smart, a FEMA site dedicated to the National Flood Insurance Program.
- Flood insurance compensation for all covered losses
- Relatively inexpensive coverage
- Full reimbursement of flood damages
- No repayment
- Backed by the Federal government.
- Quick request processing
Anywhere, anytime
Most homeowners fail to realize that everyone lives in a possible flood
zone. Floods can occur anywhere and anytime. Because floods are unpredictable
and uncontrollable acts of nature, most homeowner’s insurance policies
do not cover flood damage. Without it being a deluge, even an inch of
water can cause extensive, expensive damage to your property.
Federal disaster assistance
Federal disaster assistance in the United States usually consists of a
loan that must be paid back with interest. On the other hand, being part
of a flood insurance program, which usually costs a few hundred dollars
a year depending on where you live, will save you a significant amount
of money in times of need, and provide you with better protection.
National Flood Insurance
Program
The National Flood Insurance Program (NFIP) allows property owners in
participating communities to purchase insurance protection against losses
from flooding. This insurance is designed to provide an alternative to
Federal disaster assistance and will help meet the growing costs of repairing
damage to buildings and their contents. Communities participate in the
NFIP based on agreements with the Federal Government. Contact your local
government office to find out whether your community is part of the National
Flood Insurance Program, and get information on how to join. The program
benefits entire communities by helping to quickly restore their livelihood.
Premiums
The average flood insurance premium in 2000 was $353 a year, with some
policies starting as low as $112 per year. Discounts are available for
people living in low- to moderate-risk zones. Remember that a policy does
not take effect until 30 days after your purchase. So, it is futile to
rush out to buy flood insurance coverage the moment the weather forecast
announces a flood alert in your area. Whether you opt for a flood insurance
premium or a flood insurance program, a few dollars a month will give
you peace of mind should the unthinkable ever happen.
