Every few years, there is an event that makes me consider whether our house must be covered by insurance against floods. I doubt that we will soon forget the images of Hurricane Sandy in the North last few years. Or areas of Nashville that were damaged or destroyed by flood waters after several days of non-stop rain in the middle of Tennessee in May 2010.
A few months after the flooding in Nashville, I had occasion to drive through one of the neighborhoods that had been under water because of the rise of the Harpeth river nearby. What I remember of the visit is that the source of flood water was not very clear. While the houses that were flooded were in the vicinity of the Harpeth, they seem to me to be very close to the river. The flood of Nashville is considered a single event in a century. However, with a number of other events, he proved that flooding is possible, although this does not seem likely.
The owners who live in areas designated as a flood zone by the National Flood Insurance Program (NFIP) can learn about insurance options against flooding. These floodplains are mostly in coastal areas, near a moving body of water, or in a low-lying area. The owners in flood zones are generally required to purchase a flood policy if a mortgage is obtained for their property. A separate flood insurance policy is necessary, as a homeowners insurance policy does not cover flood damage. Keep in mind, the house policy distinguishes between flooding and leaking plumbing in your home.
For consumers, the best place to get information on insurance against floods is Floodsmart.gov, the official website of the NFIP. The site includes a wealth of information, including a flooding risk profile in one step, FAQs, an agent locator, and many "flood events", including the following:
- Just a few inches of water to cause significant damage to your home and its contents.
- floods are the # 1 natural disaster in the United States according to the NFIP.
- people outside mapped, areas with high risk flood deposited nearly 25 percent of all NFIP claims and receive one-third of federal support for disaster flooding.
- When available, assistance disaster is usually a loan, you must repay with interest.
- coverage is available for as little as $ 129 per year for two with a minimum amount of building and contents cover in low-risk areas.
This is an important piece of information to be aware of if you plan insurance against floods. Unless you close on a home loan, there is a 30 day waiting period for coverage to begin after the purchase of a policy. This is not a policy, you can buy when flooding is imminent.
Your trusted independent insurance agent has access to the site of the agent of the NFIP. To determine your coverage needs, or the cost of a policy covering your property, please contact your agent.
The warranties described above are in the most general terms and are subject to conditions and actual policy exclusions. For the actual wording cover, conditions and exclusions, see the policy or contact your independent insurance agent.
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