With a large part of the country facing drought conditions and one of the hottest summers on record, the last thing you are thinking about is flood insurance. Right? Well this is exactly the right time to take a closer look before something does happen. I venture to guess the residents of Duryea, PA would agree. September of 2011 will never be far from their minds. A storm turned Duryea upside down after the Lackawanna River spilled over a dike on the edge of town, flooding homes.
Almost anywhere it rains, it can flood, even if you live in an area that you think isn’t at risk.
- In certain areas, the chance of a flood loss is 25% greater than a loss due to a fire during a 30-year mortgage.
- Six out of every ten declared disasters involve flooding.
- 25% of all floods occur outside of a high-risk flood area.
Watch this extremely informative video from FloodSmart.gov of two homeowners, both victims of the same flood but only one of the homeowners purchased flood insurance.
Standard homeowners insurance DOES NOT cover flooding, so it is important to have protection from the floods associated with heavy rains and other conditions that impact communities. There are specialized flood insurance programs that we at Joyce, Jackman & Bell Insurors can discuss with you.
A flood insurance policy provides specialized coverage to help you protect your home and condo from rising waters. Costs vary depending on how much insurance is purchased, what it covers, and the property's flood risk. In general, flood policies can provide coverage for your home's structure, furnace, water heater,furniture, appliances, clothing, rugs (with certain limitations for basement areas) and certain expenses you incur to protect your home from imminent flood damage and clean up costs. Generally, there is a 30-day waiting period from date of purchase before your policy goes into effect.
That means now is the best time to buy flood insurance.