As the snow continues to fly in some areas of the country, postponing the spring melt, there is still time to secure a flood insurance policy for your home. Some homeowners living in or near a mapped flood zone may be required to carry such insurance as part of their mortgage agreement.
Even if you live in a moderate to low-risk flood area, National Flood Insurance Program studies indicate you will probably experience some flood damage over the course of owning your home. In fact, more than 25 percent of all flood damage claims are for homes outside of known flood areas. The typical flood damage claim was more than $25,000 in 2010, according to the NFIP. From 2003 to 2012, national flood damage claims totaled more than $4 billion per year. A large percentage of those claims are made following spring melt and the overflow of rivers and lakes during this time of year.
The NFIP was created by Congress in 1968 to help home and business owners purchase flood insurance, as private providers did not offer this vital protection. To this day, a standard homeowner’s and business property insurance policy does not cover flood damage. The government and private partnership through the NFIP allows property owners to secure their assets with flood insurance and regulation is in place that keeps rates consistent. As long as your community is an NFIP partner (of which most municipalities are) you should be able to find flood insurance protection for your property.
A flood policy may or may not cover certain fixtures or features on your property and it doesn’t cover any and all types of water damage, either. That’s why is extremely important to speak with a qualified representative at Leslie S. Ray Insurance Agency who has years of experience with NFIP sponsored insurance programs. One great thing about spring arriving late this year is there still may be time to obtain a flood insurance policy before the waters rise.