Floods are the leading natural cause of property damage. Four times more homes are destroyed by flood than by fire, causing over $2 billion in property damage every year. In Lake City, we get some heavy rains, and you have to buy flood insurance 30 days before coverage begins.
After Katrina, many homeowners found out they were not insured since they lacked flood insurance. Insurance against flooding (rising water) is different from insurance against driven rain or leakage, which often are covered. Since that time, tens of thousands of Americans have purchased flood insurance for the first time.
You don’t have to live by water to be at risk. Approximately 30% of all flood claims occur in low to moderate risk areas. Homeowner insurance does not cover flood damage, but Federal Flood Insurance does. Flood insurance also covers mudflow, dirt and debris resulting from moving water.
Fortunately, Flood Insurance is affordable, though, flood damage is not.
Homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.
Your coverage is based on your home’s value, minus your land value. Flood Insurance up to $250,000 is available for residential buildings and also the option of up to $100,000 for contents. Since flood policies are backed by the US government, all valid claims are 100% guaranteed.
Remember, act now, before the flood comes, there is a 30 day waiting period for flood insurance. Just because you experience a flood disaster, that doesn’t mean you have to experience financial ruin.
If you should have any questions regarding Flood Insurance, or if we can assist you with a quote, please feel free to contact us at (386) 752-0006.