Insurance to protect your property from the ravages of a flood is more important than ever. The National Weather Service is warning that there is a higher potential for flooding into this summer, because record winter snows and rain have saturated soils, putting two-thirds of the lower 48 states at risk.
The National Flood Insurance Program (NFIP) estimates that just one inch of water in a 2,000 square foot house will result in $23,000 in damage.
Floods are the number one disaster in the United States, but all too often, many of those affected do not have flood insurance.
Flood season has arrived and here are five reasons you should consider flood insurance now:
- Flood insurance is not just for homeowners and businesses.
Flood insurance is available for renters. Condo owners can also purchase it. It will cover damage to your possessions from a flood.
- Flooding is not covered under your homeowners insurance.
Homeowners and renters need to purchase separate flood insurance protection. Umbrella insurance does not usually cover flooding, either.
- Floods aren’t limited to flood plains.
Every state has experienced flooding, and it can happen anywhere. The NFIP estimates that 25 percent of flood claims come from areas outside of high-risk flood zones.
- Flood insurance doesn’t take effect immediately.
There is a 30-day waiting period from the date you purchase the insurance until you are covered, in most cases.
- It’s often not as expensive as you think.
The average policy costs about $700 per year – the higher your risk, the higher your premium. Costs do vary depending on your flood risk and the year and type of construction. Keep in mind, the average residential flood claim amounted to more than $38,000.
For more information about what is and is not covered with flood insurance, visit https://www.floodsmart.gov/faqs.
Don’t delay, there is a 30-day waiting period before flood insurance goes into effect. Call a California Casualty advisor today at 1.877.652.2638 to make sure you’re covered, or contact our Agency Services department at firstname.lastname@example.org.
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