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Flood InsuranceToo often we see distressed families in the news because their lives and homes have been devastated by flood waters. In many cases, these families are not adequately covered for these disasters since most homeowners and renters insurance policies do not typically cover flood damage.
According to the National Flood Insurance Program (NFIP), floods are the #1 natural hazard with 98% of counties being effected by a flooding event in the U.S. Homeowners in low- to moderate-risk areas experience flooding regularly, making up 20% of flood insurance claims. The sources of flooding are more than just rain and hurricanes, it also includes rivers cresting, malfunctions in drainage systems, levees, or dams, and mudflows.
We can help you make sense of all the flood insurance coverage options from the NFIP, private market flood insurance, and excess flood coverage. Take a look at the highlights listed below for more information:
Flood insurance must be in place for 30 days before filing a claim. Once flood waters strike, the coverage will pay to help you recover from physical damage to your property and possessions. A standard flood policy provides coverage up to $250,000 for the home and $100,000 for personal belongings. Excess and private flood insurance is available up to $5 million for rebuilding costs and living expenses, and up to $2 million in most states for replacement of damaged items.
The Federal Emergency Management Agency (FEMA) offers residential and commercial flood insurance to participating communities through the NFIP; policies can also be purchased through a private firm, like us! By partnering with select insurance companies, FEMA is able to educate the public and provide affordable flood insurance options to those that are looking to protect their home and family. Our agents are able to help you find the policy that fits your home and property best, whether it’s a policy issued through the NFIP or the private market.
Flood insurance rates through the NFIP are set and do not differ between companies or between agents. When calculating your policy’s premium, a number of factors about your home and property are taken into account, in addition to certain fees and surcharges. These factors include the year the residence was built, the number of floors, the flood risk, your deductible amount, and more. However, when you purchase private market flood insurance through us, you benefit from our ability to compare rates to find you the best deal that meets your specific coverage needs.
When you purchase your policy, you will receive access to online tools provided by your carrier that you can use to manage your policy, make a payment, report a loss, review claims summaries and policy documentation. If you need additional support at any time, give us a call and we will help you find the answers you’re looking for.
Contact Leapfrog Insurance today and one of our agents will ensure that you’re properly covered and protected from the life-changing losses typical of these unexpected events.
