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Flood Insurance At A Glance

 

 

 Flood insurance usually is a separate policy designed to help protect your home and belongings if they are damaged in a flood. Standard property insurance policies, such as homeowners insurance, typically do not cover flood damage. 

Here are some things to consider about flood insurance:

 

IS FLOOD INSURANCE NECESSARY?

In some cases, you may be required to have flood insurance. If you own a home on land that is at high risk of flooding, your mortgage lender may require you to purchase flood insurance, says FloodSmart.gov.

Flood insurance isn't just for homes in high-risk areas, though. The Federal Emergency Management Agency(FEMA) says that all 50 states have experienced floods, and that more than 20 percent of the claims it handles come from the moderate- to low-risk regions.

WHO CAN BUY FLOOD INSURANCE?

Flood insurance is generally available to people in communities that participate in the National Flood Insurance Program (NFIP). Flood insurance policies can be purchased through local insurance agents by homeowners, business owners and renters who want protection for their homes, buildings and belongings. (Landlords can buy separate flood insurance policies to help protect the home.)

WHAT DOES FLOOD INSURANCE COVER?

So, what does a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:

Building property coverage

  • What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).

  • How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.

  • Maximum coverage limit: $250,000

Personal contents coverage

  • What it helps protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables, like art (up to a specified limit).

  • How it typically pays out: Actual cash value basis (takes depreciation into account).

  • Maximum coverage limit: $100,000

  • Find an agent here

HOW DO I PURCHASE FLOOD INSURANCE?

We can help you purchase a flood insurance policy from the NFIP. Give us a call at (239) 593-7333. 

You'll typically need to wait 30 days for your policy to go into effect, though there are some exceptions. For instance, if you purchase a flood insurance policy at the same time you take out a mortgage, the insurance may go into effect immediately, according to FEMA.

WHAT'S NOT COVERED BY FLOOD INSURANCE?

Equally important is knowing what's not covered by flood insurance. Here are a few examples of the types of property and expenses that fall outside the scope of a basic flood insurance policy, according to the NFIP:

  • Moisture or mold/mildew damage that "could have been avoided by the homeowner"

  • Currency, precious metals and paper valuables, like stock certificates

  • Outdoor property such as decks, fences, patios, landscaping, wells and septic systems, and hot tubs and pools

  • Living expenses, like temporary housing (if flood damage deems your home uninhabitable).

  • Cars and other self-propelled vehicles (but your auto insurance may offer some protection for your car if you have comprehensive coverage).

In addition, flood insurance provides limited, if any, coverage for below-ground rooms like crawl spaces and basements, and their contents, the NFIP says. Some items in these spaces (like the furnace) are typically included under building coverage. Others (like the washer/dryer) are usually covered under personal contents coverage. And some items ─ like your personal effects ─ may not be covered at all when they're kept in below-ground rooms.

Talk to an agent to help make sure you're clear about the coverage details, exclusions and limitations of a flood insurance policy and to help you make the right choices for your situation.

Of course, you should also remember that a flood isn't the only potential source of water damage to a home. That's why, in addition to understanding the potential benefits of flood insurance, you should also review the coverages offered by your homeowners insurance policy.

Armed with the knowledge and insurance coverages that are right for you, you'll go a long way toward protecting your home against water damage.

Article from: allstate

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3 Most Frequently Asked Flood Insurance Questions

As you know we are in hurricane season! Flood insurance is essential for homeowners living in Florida.

Check out our video below where we answer 3 of the most frequently asked questions about flood insurance

Our Florida insurance expert explains things about flood insurance and answers 3 questions that are frequently asked.

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Hurricane Season Predictions 2019

 

If you're planning a trip to Florida this August, September, or October, you should be especially cautious when visiting coastal cities. As an added precaution, you can download the Hurricane app from the American Red Cross to get up-to-date information on current tropical storm movement that may affect your trip.

What Hurricane Season Means for Vacation Plans

While it's unlikely that you will be visiting Florida during a hurricane, if you're planning a trip between August and November, you might consider reserving a room at a hotel that offers a hurricane guarantee or paying a little extra for travel insurance on your flights. This way, even if a weather-related emergency cancels your plans, you'll get a full refund or equivalent rescheduling.

You should also keep in mind that hurricanes don't have to make landfall to put a damper on your summer vacation as even tropical storms bring high winds and heavy rains to Florida coastline. Before you pack for your trip, you should check the latest weather forecasts to plan your clothing and accessories. You might want to pack an umbrella just in case because late summer and early fall is particularly rainy across the state.

Predictions for the 2019 Season

A number of meteorological organizations and weather stations often issue predictions on how they expect the next hurricane season to pan out based on data from previous years. However, these predictions are rarely accurate—especially in volatile years like 2016 and 2017.

National Oceanic and Atmospheric Administration (NOAA): NOAA predicts a “near-normal” 2019 Atlantic hurricane season with up to 15 named storms with winds of at least 39 mph. But, of these, NOAA predicts, four to eight could turn into hurricanes of 74 mph or greater and two to four of these storms could strengthen into major Category 3, 4, or 5 storms. So "normal," doesn't exactly mean quiet.

Tropical Storm Risk: The TSR (Tropical Storm Risk) anticipates "a season with slightly below-norm activity."

Accuweather: AccuWeather forecasters are predicting 2019 to result in a near to slightly above-normal season with 12 to 14 storms, with five to seven of those becoming hurricanes, and two to four of those storms having the potential to become major hurricanes.



Article from Trip Savvy: https://www.tripsavvy.com/how-often-do-hurricanes-hit-florida-3266726

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Flood Insurance At A Glance

  • 12 August 2019 |
  • Published in Allstate

Flood Insurance At A Glance

 

Flood insurance usually is a separate policy designed to help protect your home and belongings if they are damaged in a flood. Standard property insurance policies, such as homeowners insurance, typically do not cover flood damage.

Here are some things to consider about flood insurance:

 

 

 

 

IS FLOOD INSURANCE NECESSARY?

In some cases, you may be required to have flood insurance. If you own a home on land that is at high risk of flooding, your mortgage lender may require you to purchase flood insurance, says FloodSmart.gov.

Flood insurance isn't just for homes in high-risk areas, though. The Federal Emergency Management Agency(FEMA) says that all 50 states have experienced floods, and that more than 20 percent of the claims it handles come from the moderate- to low-risk regions.

WHO CAN BUY FLOOD INSURANCE?

Flood insurance is generally available to people in communities that participate in the National Flood Insurance Program (NFIP). Flood insurance policies can be purchased through local insurance agents by homeowners, business owners and renters who want protection for their homes, buildings and belongings. (Landlords can buy separate flood insurance policies to help protect the home.)

WHAT DOES FLOOD INSURANCE COVER?

So, what does a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:

Building property coverage

  • What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).

  • How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.

  • Maximum coverage limit: $250,000

Personal contents coverage

  • What it helps protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables, like art (up to a specified limit).

  • How it typically pays out: Actual cash value basis (takes depreciation into account).

  • Maximum coverage limit: $100,000

  • We are your local agent! Call us with any questions and we will be happy to help!

  • (239) 593-7333

HOW DO I PURCHASE FLOOD INSURANCE?

A local insurance agent can help you purchase a flood insurance policy from the NFIP.

You'll typically need to wait 30 days for your policy to go into effect, though there are some exceptions. For instance, if you purchase a flood insurance policy at the same time you take out a mortgage, the insurance may go into effect immediately, according to FEMA.

WHAT'S NOT COVERED BY FLOOD INSURANCE?

Equally important is knowing what's not covered by flood insurance. Here are a few examples of the types of property and expenses that fall outside the scope of a basic flood insurance policy, according to the NFIP:

  • Moisture or mold/mildew damage that "could have been avoided by the homeowner"

  • Currency, precious metals and paper valuables, like stock certificates

  • Outdoor property such as decks, fences, patios, landscaping, wells and septic systems, and hot tubs and pools

  • Living expenses, like temporary housing (if flood damage deems your home uninhabitable).

  • Cars and other self-propelled vehicles (but your auto insurance may offer some protection for your car if you have comprehensive coverage).

In addition, flood insurance provides limited, if any, coverage for below-ground rooms like crawl spaces and basements, and their contents, the NFIP says. Some items in these spaces (like the furnace) are typically included under building coverage. Others (like the washer/dryer) are usually covered under personal contents coverage. And some items ─ like your personal effects ─ may not be covered at all when they're kept in below-ground rooms.

Talk to an agent to help make sure you're clear about the coverage details, exclusions and limitations of a flood insurance policy and to help you make the right choices for your situation.

Of course, you should also remember that a flood isn't the only potential source of water damage to a home. That's why, in addition to understanding the potential benefits of flood insurance, you should also review the coverages offered by your homeowners insurance policy.

Armed with the knowledge and insurance coverages that are right for you, you'll go a long way toward protecting your home against water damage.

Article From Here: https://www.allstate.com/tr/flood-insurance/flood-insurance-101.aspx

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Facts and Questions to ask your insurance agent when purchasing flood insurance.

Picture Credit: Nasa https://www.space.com/hurricane-dorian-nasa-kennedy-space-center-prep.html

 

FLOOD

FACT: Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. Recovering from just one inch of water inside your building can cost about $27,000. 

FACT: Homeowners and renters insurance do not typically cover flood damage.

FACT: Floods can happen anywhere--More than 20 percent of flood claims come from properties outside the high-risk flood zone.

FACT: Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.

FACT: A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA--and you don't have to pay the money back.

 

What questions should I ask to get the coverage I need?

talk to your insurance agent about flood insurance. Here are helpful questions to ask your agent:

  • What flood zone do I live in? What is my property's flood risk? Is there a flood map (see note below) change coming that could affect what I pay?

  • Is flood insurance mandatory for my property? Will the lender require it?

  • Do I qualify for a Preferred Risk Policy?

  • Does my community participate in the National Flood Insurance Program's Community Rating System (CRS)? If so, does my home qualify for a CRS rating discount?

  • What will and won't be covered?

  • Will the federal government back my flood insurance policy?

  • How much coverage should I get for my building and for my contents?

  • How can I reduce the cost of my flood insurance?

  • Are there additional expenses or agency fees?

  • Will my policy provide Replacement Cost Value or Actual Cash Value—and what's the difference between the two?

  • Who should I call if I have a flood claim?

  • How can I pay for my policy?

  • How do I renew my policy?

What Is An Elevation Certificate And Why Might I Need One?

Your insurance agent may ask you for an Elevation Certificate (EC). This certificate verifies your building's elevation compared to the estimated height floodwaters will reach in a major flood in a high-risk flood area.

It's also beneficial to ask if your community participates in the Community Rating System (CRS), because this could mean local officials already have a copy of your EC on file. Policyholders with insured properties in communities that participate in CRS may be eligible for policy discounts.

A property owner in a high-risk flood area always has the right to purchase an EC, which may reduce your flood insurance premium. Please contact a licensed insurance agent for further information.


Information from this article found here. Check out more info: https://www.fema.gov/national-flood-insurance-program/How-Buy-Flood-Insurance

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Based on what National Flood Insurance has learned over the years, we know that floods can happen anywhere in the United States.

 

Picture credit: FEMA

 

A question we commonly get asked is,

 

“Do I need flood insurance?” The simple answer is, Yes.

In fact, 25% of all flood insurance claims come from moderate- to low-risk areas. This means you don't have to live in a high-risk zone to be affected.

Getting a flood insurance quote is easy and having flood insurance means you’re covered if groundwater rises and floods your home – something that isn't usually covered by general homeowner insurance policies.

 

General Facts About

Flooding and Flood Insurance

Wherever it rains, a flood can happen and

it’s not just surrounding water that makes

certain states flood-prone.

 

Flooding is a year-round, coast-to-coast threat to the United States

as geography, seasonal weather, and human activity all play

a key role. Flooding generally occurs when there is continuous

rain over several days, when severe rain occurs over a short

period of time, or when ice melt or a debris jam causes

a river to overflow in its surrounding area.

Flooding isn’t, however, all-natural.

 

Flooding can also result from the failure of manmade

water control structures such as a levee or dam failure.

However, the most common cause of flooding, especially

in high-risk states such as Florida, Texas, Louisiana,

North Carolina, and other coastal locations, is from rain

and/or snowmelt that accumulates faster than

grounds can absorb it or rivers can carry it away.

 

These facts and more information found here: National Flood Insurance

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