What is a flood?
"Flood" is defined as a general and temporary condition of partial or complete inundation of normally dry land areas from:
- overflow of inland or tidal waters,
- the unusual and rapid accumulation or runoff of surface waters from any source, or
- mudflows caused by flooding.
Do I need flood insurance?
Don't let the fact that you don't own beach-front property lull you into a sense of false security. The fact is that beach-front structures only account for 3% of all flood losses. Homeowners who live in high hazard flood areas should seriously contemplate purchasing flood insurance... especially when you consider that they have a 26% chance of having a flood loss over the course of a 30 year mortgage! Often, flood insurance is required as a condition of granting a mortgage if your lender determines that your home is in a high hazard flood area.
Even if you live in a low hazard flood area your property may still be at risk. Each year, about 25% of all flood claims paid are for property located outside high-risk areas. The good news is that there is a Preferred Risk program that offers substantial premium discounts for homes located in low hazard areas.
If you think your home is at risk, you might want to consider contacting your local agent or Travelers representative. Or you can check out special flood insurance maps published by FEMA (the Federal Emergency Management Agency). These maps (which indicate a community's flood hazard areas and the associated degree of risk) are usually kept on file at your local town hall or county building and are available for your review.
Does my Homeowners Policy cover Flood?
Homeowners Insurance does NOT cover flooding. It is vital that you are fully informed about flood insurance in order to protect your property. Call us today and we will provide you with a Flood quote.