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 disaster is not Federally 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 not 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 for our free 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 you wish 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, click here or call us at 800-873-0242 with your flood questions.

With the next hurricane season right around the corner (hurricane season begins May 15th) now is the time to consider purchasing flood coverage for your buildings. Click here to visit www.FEMA.gov (Federal Emergency Management Association) for other information.

To check out our Hurricane Center page, click here. For more information on wind coverage, click here.