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Flood Insurance

Flood Insurance Policies

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Flood Insurance is designed to minimize the financial burden of restoring a commercial, business or residential property in the event of a catastrophic flood event.

There are several types of policies. They include: The structure itself; e.g., commercial building, house, condominium and the contents of the structure; e.g., personal belongings, furniture, contents of commercial property. Renters can cover their furniture and personal belongings, only.

Non-residential and residential property owners, in high flood risk areas, are encouraged to purchase insurance. However, it is mandatory for those who have procured a federal or insured loan/mortgage. Moreover, if your area floods in a good rain storm, but is listed as a low flood risk area, you may want to consider purchasing insurance. Because, you are an eye witness to how high the water rises around your property.

More importantly, it pays even if your area has not been designated a disaster. It is paid through the insurance company by The National Flood Insurance Program (NFIP). Monetarily, the insurance pays up to $250,000 for residential properties and up to $500,000 for businesses. The amount paid for the contents includes up to $100,000 for residential and up to $500,000 for businesses. As you can see, it is actually two policies if the structure and contents/belonging are to be covered.

Insurance can be purchased through some of the top insurance agencies in the country. Further, it can only be purchased through a licensed agent. If necessary, contact the NFIP at 1-888-379-9531 for a knowledgeable licensed agent. Be advised, there is a 30-day waiting period for the policy to become effective. The total amount of the policy period must be paid in advance on the day you purchase. Policies continue and are not canceled even if the property is flooded more than once.

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