Flood Insurance – A Rising Concern

Ask us about flood insurance

The 2010 spring brought tremendous amounts of rain and with that, flooding damage to many homes and businesses. Before another round begins, perhaps you should consider purchasing flood insurance or sump pump coverage. The federal government has done a major change in the flood maps and has also increased the flood insurance rates. This may mean that properties formerly deemed to be in a non-hazardous zone could now be found to be in a hazardous zone. If a bank that holds deposits that are insured with the FDIC, mortgage holders who conduct business with that bank may suddenly find that they will now be required to purchase flood Insurance.

Anyone may purchase flood insurance even if their property is not located in a hazardous flood zone.

The National Flood Insurance Program offers low cost protection for homes and apartments in areas of low to moderate flood risk. Some people assume that federal disaster assistance will bail them out if their property is flooded. But disaster assistance is available only if a flood is a federally declared disaster. Most floods are not. Disaster assistance usually comes in the form of a loan which must be repaid with interest. The advantage in purchasing flood insurance is it reimburses you for your covered loss and never has to be repaid.

Ask us for a copy of the National Flood brochure