Flood Insurance Coverage for Homeowners
Generally a home is the most important asset that a family has. If a flood should occur you want the flood loss settled efficiently and in a timely manner. This is our goal also.
It's important to insure your home AND its contents. Depending on your property location, your home is either considered at high risk, moderate risk or low risk for a flood. Your flood insurance premium will vary accordingly.
We want to help you to insure your home properly. We believe your home should be insured to replacement cost so if a flood should occur you would be able to repair or replace your home as soon as possible.
If you are a TENANT, it is wise to insure your contents. The policy premium is based on several factors including the flood risk of the building that you occupy.
LEARN YOUR RISK and ask for a quote for flood insurance.
High-Risk:
- If you live in a high-risk flood area, a standard rated policy is the only option for you. It offers separate building and contents coverage.
- If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, your lender will require you to purchase a flood insurance policy as a condition of your loan.
Moderate-Risk:
- Most homeowners in a moderate-risk flooding area are eligible for coverage at a preferred rate. Your home and your contents can be insured at a very reasonable premium. Preferred Risk Policy premiums are the lowest premiums available through the NFIP(National Flood Insurance Program). Nearly 25% of all NFIP flood claims occur in moderate-to-Iow risk areas.
Low-Risk:
- Just because your property is in a low-risk flooding area does not mean that it cannot be flooded. Where it rains it can flood! Preferred Risk Policy premiums are the lowest premiums available through the NFIP. Nearly 25%of all NFIPflood claims occur in moderate-to-Iow risk areas.
Flood Insurance premiums are calculated based on factors such as:
- Year of building construction
- Building occupancy
- Number of floors
- The flood risk (i.e. its flood zone)
- The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
- The deductible you choose and the amount of building and contents coverage
