Floods are some of the most common natural disasters, but they are also one of the natural disasters that are not protected by a standard homeowner’s insurance policy. In order to be covered for floods, you will need to purchase separate flood insurance. Homeowners may be required to purchase flood insurance if there is a federally backed mortgage or they live in a high-risk flood area, but for many others, it’s optional insurance. Floods can occur anywhere and living in a low-risk area doesn’t mean there isn’t any risk at all. More than 20% of claims will come from people who are outside the high-risk areas, making flood insurance relevant no matter where you live.
There is a 30-day waiting period from the date you sign up to when the policy goes into effect, so you cannot get flood insurance as a storm is approaching. However, you can purchase coverage at any time. You can purchase coverage as long as your community participates in the NFIP, but most communities do. You can also view your risk online to see if you live in a flood hazard area. You can purchase flood insurance to protect homes, apartments, condominiums, and commercial and non-residential buildings, to preserve both the structure and the contents. You can make claims against flood insurance regardless of whether or not there is a Presidential Disaster Declaration.
The average flood claim payout from the National Flood Program is $43,000, but the average premium costs only about $1,051 annually. Even though flood insurance is a federal program, private insurance companies, such as The Vaughan Agency in Pomeroy, OH, will sell the policy. The maximum coverage is $250,000 for the structure of the home and $100,000 for its contents. You are encouraged to purchase both contents and building coverage for the broadest protection in the event of a flood.
Contact The Vaughan Agency, serving Pomeroy, OH, to get a quote on flood insurance.