Flood Insurance and Your Home…

Many wonder what the ins and outs are of flood insurance coverage for their home. For one, it is not included in most home insurance policies. It is in fact a separate type of policy and is sold through the Federal Flood Insurance Program and not through the company in which an agent works for

Today’s blog post is a list of facts provided by Max James who is a licensed and authorized FEMA insurance agent at State Farm Insurance in Washington, DC.

Keep in mind flooding is the most common natural disaster and you can purchase flood insurance no matter what your flood risk is.

fip

 •Floods can occur almost anywhere at any time. You don’t need to live near water.

•Flash floods, inland flooding and seasonal storms bring flooding to every region of the country.

•Just inches of water can cause tens of thousands of dollars in damage.

•Only flood insurance financially protects your home and your personal property from floods.

•A flood insurance policy compensates homeowners, renters and business owners for all covered losses, and as opposed to a disaster loan, there is no payback requirement.

•The average flood insurance policy costs about $600 per year.

•Once purchased, there is a 30-day waiting period for the policy to become effective, so don’t wait to buy it! 

•It doesn’t matter whether your flood risk is high or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program.

•You can get flood insurance if your house has been flooded before, and you can purchase it even if your mortgage doesn’t require it. 

•people outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.

Preferred Risk Policies provide protection at the best price.

•For just $129 a year, homeowners can purchase a minimum of $20,000 building and $8,000 contents coverage ($25 more if there is a basement).

•Renters can pay as little as $49 per year for $8,000 contents coverage.

•Business owners can buy $50,000 building coverage and $50,000 contents coverage (per building) for just $567 per year.

•Business owners who lease their space can purchase $50,000 contents coverage for just $162 per year.

•To qualify for a PRP, the property must be located in a moderate-to-low risk zone

For more information on the Federal Flood Insurance Program, contact Max James directly at: 202-319-0005

bhhs

Shantee Haynes
REALTOR®

Berkshire Hathaway HomeServices
PenFed Realty
216 7th Street SE
Washington, DC 20003
DIRECT: 202-355-5544
OFFICE: 202-608-1881
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s