Did you know flood losses are not covered by your homeowners insurance policy?
Flood Insurance Facts:
- According to FEMA, during a 30-year mortgage, you are 27 times more likely to have a flood loss vs. a fire loss.
- Just one inch of water can cause costly damage to your home. This is especially critical in the spring. A commonly accepted model is that 10 inches of snow equates to one inch of water, creating a dangerous risk for basements as the rainiest season of the year begins. Should your basement flood as a result of a failing sump pump, sewer backup coverage is available to cover all losses and damage.
- Many people incorrectly believe that the U.S. government will take care of their financial needs if they suffer damage due to flooding. The truth is that federal disaster assistance is only available if the president formally declares a disaster.
- In a high risk area, your home has a 26 percent chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9 percent chance of fire.
- Every year, flooding causes more than $3 billion of property damage in the U.S.
- If you live in a low-to-moderate risk community and are eligible for a Preferred Risk Policy, your flood insurance premium may be as low as $350 a year, including coverage for your property’s contents.
- If you purchase flood insurance through the National Flood Insurance Program now, and then the status of your flood zone changes to a high-risk, your policy will be grandfathered in. That means your rates will slowly increase over time to adjust to the new zone, saving you on premium.
If you are looking for secure protection from financial loss due to flood damage, flood insurance is the answer. Because there is a 30-day waiting period from the date of purchase until your flood insurance policy goes into effect, time is of the essence!
Our top priority is protecting your assets and looking out for your interests. For more information on flood insurance or sewer backup coverage, please contact us at 845-986-1177, or click below for a free quote and premium estimate: