Flood Insurance
Just a few inches of water from a flood can cause tens of thousands of dollars in damage. Over the past 10 years the average flood claim has amounted to over $33,000. Anywhere it rains, it can flood. A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow. Many conditions can result in a flood: storm surge, broken levees, and rapid accumulation of rainfall.
Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history; it’s also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.
Flood insurance is available to homeowners, renters, condo owners, and commercial owners/renters. Costs vary depending on how much insurance is purchased and if the risk is in a preferred or standard flood zone.
All properties are in a flood zone category. The flood zone is what determines the type of policy that can be issued for your property. 25% of all flood claims occur in moderate-to-low risk flood areas. Preferred Flood Zones have set coverage options with a set premium that is very affordable for commercial and residential property.
Standard Flood Zones have a 1% or greater chance of flooding in any given year, which is equivalent to a 26% chance of flooding during a 30-year mortgage. Standard Flood zones require an Elevation Certificate to obtain a quote. Flood Elevation Certificates must be completed by a Certified Engineer. The Flood Elevation certificate provides detailed information that is used to rate your property.
By going on-line to http://www.floodsmart.gov/floodsmart/ you can learn more about flood insurance or you may contact our office.