Flood
Each year, more properties within flood plains are destroyed
by flooding than by fire. Changing weather patterns, increased urban
development, and the leveling of forests have reduced the land's natural ability
to absorb water. As flooding becomes a common occurrence, property owners need
to face the facts -- Everyone lives in a flood plain. Flood damage can happen
anytime, no matter where you live.
A Homeowner Policy Doesn't Cover Flooding
Property owners know a Homeowners policy covers fire damage, but most don't
realize that it won't cover flood or mudslide damage. Rising waters and debris
can destroy your home, business, and personal belongings within minutes. If you
don't have the coverage, you have nowhere to turn for help.
Federal Assistance is Difficult to Obtain
Most floods don't qualify for federal disaster aid. Only floods that are
declared national disasters by the President qualify for federal assistance.
This assistance is in the form of a grant averaging less than $2,500, or a
federal loan that must be paid back with interest. That loan is in addition to
payments on your existing mortgage loan.
Flood Damage is a Growing Problem
As more flooding occurs throughout the country, the cost of rebuilding is
skyrocketing. Floods now cause more than $2 billion in property damage each
year. That's your tax money being used to help thousands of flood victims across
the country. There is an answer -- Flood insurance.
Flood Insurance Puts You in Control
Only Flood insurance protects your home and your belongings from rising
water or mudflow. Flood insurance is available for the structure, minus the land
value. Contents coverage is also available, but is optional and must be
requested. Even if you've had previous flooding, you can still buy Flood
insurance. If you've received disaster assistance before, you must first obtain
Flood insurance to be eligible for future federal relief. Mortgaged properties
within Special Flood Hazard Areas are required to maintain Flood insurance for
the life of the loan.
Flood Insurance Costs Less than Flood Damage
The average Flood policy is only $324 a year -- that's less than $1 a day.
Compare that to a typical disaster loan of $50,000, costing more than $300 a
month for over 18 years! Flood insurance pays all covered claims even if a
federal disaster is not declared. Claims are paid quickly so victims can recover
faster. You can even get a partial payment right away to get started. Flood
coverage is available up to $250,000 for your home, and up to $100,000 for the
contents.
Flood Insurance is Easy to Buy
Anyone can buy flood insurance if his or her property is located in a
community that participates in the National Flood Insurance Program. Homes,
condos, apartments, and business structures are all eligible. Even renters may
purchase flood insurance for their possessions. Since Flood premiums are set by
the US Government, your rate is the same from any insurer. Premiums are due on
an annual basis.
Don't Wait for Disaster to Strike
Over 90 percent of all US natural disasters include flooding. The best time to
buy flood protection is now. Flood insurance claims are paid by policyholder
premiums, not taxpayer dollars. Flood insurance is the best way to protect
yourself and reduce the cost of flood disasters. There is a 30-day waiting
period on most new Flood policies, so contact us now for more details.
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