Floods are the most common of all natural disasters. You don’t need to live next to a waterway to be susceptible to a flood. Most people believe that if they are not in a flood zone, coverage is not needed. According to the National Flood Insurance Program, 20% of all flood losses occur to properties not in a flood hazard zone.

What to Consider When Purchasing Flood Insurance

Your Homeowners & Business Property Policy Excludes Floods

Your home and business policies will exclude floods as a covered loss. You may have minimal coverage under a water backup endorsement, but it will not be enough coverage if a natural disaster occurs.

Common Questions About Flood Insurance

Anyone can purchase Flood Insurance. Business owners, Home owners, even Renters can purchase coverage to protect just their personal items.

The government will only step in if the President designates the flood as a natural disaster. Furthermore, the assistance from the government is in the form of a loan, usually a 4-5% interest rate to be paid back over a period of years. It is much more cost effective to purchase a Flood insurance policy.

This depends on the value of your home or business property, contents to be covered, and location. If you are not in a flood hazard zone, you could obtain a policy for around $400 a year.

You should find an agent that has completed Flood Insurance training provided by FEMA. This agent will be familiar with how to insure your property the correct, and most cost-effective way.