What You Need to Know About Flood Insurance

When you’re taking out insurances to protect your belongings in the home or business from damage, flood insurance is likely to be under consideration. Check out exactly what you need to know about flood insurance here:

Flood Insurance

Source: Wikimedia

  • most clients needing flood insurance take out cover under the National Flood Insurance Program (NFIP)
  • risks of flood depend on where properties are located and things like how much flood warning is likely and personal and community precautions to protect property from flood
  • every location in the United States is a potential flood zone. Inland areas may be less susceptible to flooding than coastal but there are still risks. Very dry locations risk flash flooding and heavy snow or rain can lead to serious flood damage
  • under the NFIP residents in high risk flood areas with mortgages are required to have flood insurance in place. It is said there is a one in four risk of flooding during the period of a 30 year mortgage for high risk areas
  • people in areas with low or moderate flood risk are not federally required to take out flood insurance, although a high percentage of flood insurance claims via the NFIP and federal disaster assistance loans are from areas not designated as being at high risk of flooding
  • relying on the federal government to declare your area a disaster area is a shortsighted way of looking at potential flood risks. Firstly, if you are flooded your location may not be declared a disaster area and secondly it is residents only get access to government disaster loans. These have to be repaid with interest, so the loan repayment could cost far more that likely flood insurance premiums

Contact Schumacher Insurance Agency in Woodland Park, NJ to find out more on what you need to know about flood insurance.

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About Schumacher Insurance Agency

Why trust us? What do we do different than every other insurance agency? Consider this an invitation to get to know us. We believe we are an exceptional team of protection specialists that work hard to do things the right way, to educate our clients on insurance, and make the experience effortless. We are excited to introduce a new insurance experience for our customers. We encourage you to speak with our team who can show you how different we are… from text messaging services for late payments to educational insurance concepts on Facebook. We will prove our innovative approaches to obtain the proper coverage’s for you, your family, your business. Insurance is likely not the most interesting affair for everyone, but it is most certainly ours! Yes, we are insurance geeks!

Posted on September 16, 2014, in Agency and tagged , , , , . Bookmark the permalink. Leave a comment.

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