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Flooding: Most Common and Costly Natural Disaster

In Natural Disasters, News Article on June 17, 2013 at 1:32

Flooding is the nation’s most common and costly natural disaster. Most homeowners, business owner’, and renters policies do not cover flooding however. It’s only after a disaster strikes that many people learn the ins and outs of flood insurance. And by that time, it’s too late.

The Federal Emergency Management Agency (FEMA) dictates flood zones and insurance premiums across the nation. The National Flood Insurance Program (NFIP) administered through FEMA provides property owners and renters with financial protection against flooding. There are some important things to know however:

  • Everyone lives in a flood zone. Whether it’s low, moderate or high-risk, the potential exists. In fact, 25% of all flood insurance claims come from outside of high-risk zones.
  • Flood insurance covers the building and its contents, but the NFIP does not cover land and other site improvements, such as landscaping, fencing, swimming pools and exterior lighting.
  • Most policies take 30 days to activate after purchase, so the time to buy is now!
  • Flood insurance is not the same as Federal disaster assistance. Flood insurance pays out even when there is no Presidentially-declared disaster, and the majority of that assistance is in the form of a loan to be repaid with interest anyway.

Flood insurance is available to homeowners, business owners and renters in any community that participates in the NFIP. It is currently sold and serviced by about 90 private insurance companies in nearly 22,000 communities that participate in the program nationwide. More than 450 communities participate in Florida.

For more details click here.

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