Flood Insurance
After the last hurricane season, many property owners found
themselves in a battle with their insurance companies over whether
damage to their buildings should be considered a flood or a
hurricane. Many wished that they had purchased a flood policy to
complement their property insurance.
Some people believe that the U.S. government will take care of
all 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. If disaster assistance isn't
offered, you'll have to shoulder the massive damage costs alone.
Even if you do get disaster assistance, it's often a loan you have
to repay, with interest. When disaster strikes, flood insurance
policyholder claims are paid even if a Federal disaster is not
declared.
For public housing projects, HUD requires flood insurance for all
properties located within a high risk flood zone. For affordable
housing projects, lenders will require flood insurance if the
property is located in a high risk flood zone. Floods can happen
even if your property is in a lower or moderate risk flood zone.
Floods and flash floods happen in all 50 states. In fact, 25% of all
flood claims paid are outside of high risk flood zones. Flood
insurance is affordable, and there is even a preferred pricing
program available for properties that are in a low or moderate flood
zone.
Not sure what flood zone risk level you are in? We can help you
determine that. Simply contact us at 800-873-0242, ext. 639 and ask
about receiving flood zone determinations for your properties. We will
require a list of each address (building by building) in your
portfolio in order to provide this service.
If you decide to purchase a flood insurance policy, we can
provide you with a quote. Our company was named Flood Insurance
Agency of the Year by the National Flood Insurance Program in 2004,
so you can be sure we have the knowledge and experience to assist
you.
You should be aware that generally flood insurance policies do
not take effect until 30 days after purchase, and the premium must
be paid in advance. If the weather forecast announces a flood alert
for your area and you go to purchase coverage, it's already too
late. You will not be insured if you buy a policy a few days before
a flood.
Some of the things a standard flood policy will cover include:
- Structural damage
- Furnace, water heater and air conditioner
- Flood debris clean up
- Floor surfaces such as carpeting and tile
For more flood information, call us at 800-873-0242, ext. 639 with
your questions.
With the start of hurricane season, now is the time to consider
purchasing flood coverage for your buildings. Visit
www.FEMA.gov
(Federal Emergency Management Association) for other information or
for our wind coverage, click here.
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