Understanding Flood Risks and a Policy
When flooding occurs, the damage can seem insurmountable. Just an inch of water can cost a homeowner more than $20,000.
People who live in flood plain areas typically have a flood insurance policy but that only accounts for about 20 percent of all homeowners.
Are you and your home safe from a flood, or would it be beneficial to obtain flood insurance?
A flash flood can carry water between 10 and 20 feet high, and it only takes a foot of water to sweep a small car down the street. Only six inches of water can knock over an adult.
According to the Virginia Department of Emergency Management, 90 percent of all natural disasters involve flooding and can be caused by flash floods, river flooding, storm surges, tidal floods, snowmelt, burn scars, and dam breaks.
Types of Flood Insurance
There are two types of flood insurance available, including building property and personal property. Building property insurance is a type of replacement cost value coverage, which means a homeowner would receive enough insurance money to repair or replace their home. Personal property flood insurance will replace up to $100,000 of the items that were in your home and lost to a flood, minus the amount of depreciation value.
If your state participates in the National Flood Insurance Program (NFIP), flood insurance is available through FEMA (Federal Emergency Management Agency). Over 21,000 communities participate in the program, which means it is highly likely that your insurance agent can obtain the very best flood insurance coverage for you, your home, and your belongings.
Private insurance, which is not funded through the federal government, is also available to cover flooding. There is usually a shorter wait time to receive your insurance payment to make repairs or replace your home or belongings than with national flood insurance, and there is generally more coverage depending on your policy.
Cost of Flood Insurance
The cost of flood insurance varies depending on the location of your property. If you are located in a lower risk area, the cost is typically lower per year while people living in higher risk areas will cost more per year for flood insurance. The cost should be compared to if you suffer a flood and have to replace your entire home or many of your belongings on your own.
Contact Your Agent
To obtain a flood insurance policy for you and your property, contact your Virginia insurance agent at the Garlow Insurance Agency Inc. today for a quote!