Flood Damage Information!

Important Information About Damage Caused By Flooding

 

The legislatures of two states, Minnesota and Washington, have enacted new laws, which require all companies to provide every homeowner policyholder an annual notice regarding flood damage.  These laws can even dictate what content we put in the notice, even including the title, type size and specific wording.  Given recent concerns across the country and possible misunderstandings about the differences between Homeowners and Flood insurance, we thought we would take this opportunity and add to the required notice a reminder of those differences so everyone may make an informed choice about what insurance protection or policy they really need.

This homeowner policy does not cover damage to your property caused by flooding.  Flood insurance is available to communities and property that participate in the National Flood Insurance Program (“NFIP”).

Not all communities participate in the NFIP.  Flood insurance may be available even if you do not live in a flood hazard area as defined by the NFIP.

If your community does not participate in the NFIP, you may contact your insurance agent for the best and most unbiased information on this important topic and to see if there is other flood insurance coverage available to you.

What is a Flood?*

Flood insurance, available through the NFIP, covers direct physical loss caused by “flood”.  In simple terms, a flood is an excess of water on land that is normally dry that can result from:  an overflow of inland or tidal waters; unusual and rapid accumulation or runoff of surface waters from any source; mudflow; or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

 

Flood Facts*

Homeowners insurance does not cover flood damage.

Floods and flash floods happen in all 50 states.

Riverine flooding is the overflow of rivers, streams, and lakes due to excessive rainfall, winter storms, rapid snow melt, or ice.

Urban flooding occurs where there have been man-made developments within the existing flood plains or drainage areas.

Everyone potentially lives in a flood zone.

Your home has a 26% chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9% chance of fire.

It takes 30 days after purchase for a flood policy to take effect.

 

For More Information:

Visit the following website  www.floodsmart.gov

Contact the NFIP at (888)379-9531

 

 

*Source – FEMA and www.floodsmart.gov