The Risk Of Flooding Is Real

PERSONAL INSURANCE

The Risk Of Flooding Is Real; Don’t Gamble Anymore

     A recent survey of a Vermont town affected by the recent Northeast flooding found that 80% of the people suffering a flood loss did not have the funds to repair all of the damage they received.  Between 2001 and 2010 the average loss paid by the National Flood Insurance Program (NFIP) was $48,000. 

 

     Because most homeowners policies do not cover flood losses, would the average flood loss—or even a smaller flood loss— cause you a significant financial burden?  If so, a flood insurance policy can help.  A flood insurance policy can provide up to $250,000 in structure coverage and up to $100,000 in contents coverage for homeowners.   Renters can purchase up to $100,000 in contents coverage.

 

     You can buy flood insurance no matter what your flood risk.  Almost anyone in a community that participates in the NFIP can purchase coverage.  There are very few exceptions. 

     You do not need to live near water to be flooded.  Many people affected by flooding live miles from the nearest river or ocean.  Floods are caused not only by storms and hurricanes, but also snowmelt, inadequate and overloaded drainage systems and even broken municipal water mains.

     Flood insurance is affordable.  Homeowners in low-risk areas can purchase $20,000 in building and $8,000 in contents coverage for as little as $129 a year.  Even a small amount of flood insurance can help reduce the burden of a potential flood loss.

   

     Do you think a flood can’t happen to you?  That’s what the people in the Vermont survey thought.  They gambled and lost.  Some of them may never recover.   Don’t let that happen to you.  Please contact our office and we will be happy to discuss your flood insurance options.

Flood Insurance