But what about those homeowners who do not have flood insurance? Unfortunately for them, they will not get the financial assistance they need.
According to the statistics, already 5.5 million homeowners have purchased flood insurance. In fact, buying a flood insurance is required for homeowners residing in high-risk flood zones.
So, Why Do You Need Flood Insurance?
You may be living far away from bodies of water, but can still experience flooding. The damage of floodwater can amount to tens of thousands of dollars, even with just a few inches of it.
Because the federal disaster assistance will not always help you after a flood, unless the President of the United States declare that it is a state of emergency. When you have a flood policy, you can file a claim, regardless if a federal disaster is put into effect or not.
Because flooding is one of the most common calamities in the country. Flooding can be the result of many different factors such as heavy rains, tropical storms, winter storms, cyclones, hurricanes, spring thaws, clogged drainage systems, and increased modern developments.
What Will It Cost You to Get Flood Insurance?
You can buy your flood insurance in one of the 22,000 communities that is included in the National Flood Insurance Program. Flood policy is required by the program in high-risk areas. But the policy is also available if you don’t reside in the mapped floodplains.
There is up to $250,000 flood coverage for homeowners, and another separate $100,000 coverage for its content, both for renters and homeowners. For condominium residences, there is up to $250,000 available for replacement cost coverage.
The premiums is $550 per year on the average but can vary considerably based on your situation. The relative risk of the location and the construction date are the two main considerations that factor in. These policies usually have a 30-day waiting period before the coverage takes effect.
Protect your home from the damage brought on by flood. Find out your possible premium for this policy. At The Brad Spurgeon Insurance Agency Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (409) 945-4746. Get your free quote today by CLICKING HERE.