The Risks of Flooding – Are you insured?


APRIL SHOWERS BRING MAY FLOWERS AND THE RISK OF FLOODING

Even if you don’t own a home along the ocean or river, you can still be at a risk for flooding. You may be surprised to learn that:

Your Homeowners Insurance doesn’t cover flood.

Historically about one-in-four flood claims occur in low- to moderate-risk areas.
Floods and flash floods happen in all 50 states.
Just a single inch of water can cause costly damage to your property
Dangerous or damaging floods don’t always mean dramatic, rushing waters through the streets of your hometown.

•Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding.

•New land development can increase flood risk, especially if the construction changes
natural runoff paths.

More and more buildings, roads and parking lots are being built where forests and meadows used to be, which decreases the land’s natural ability to absorb water. Coupled with changing weather patterns, this construction has made recent floods more severe and increased everyone’s chance of being flooded.

And if you decide to rely on Federal disaster assistance – consider this:

Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $500 a year ($33 a month).

Even then, those loans are only available if the President formally declares a disaster … and less than 10 percent of all weather emergencies in the United States are declared.
Flood insurance premiums are generally lower than expected:

If you live in a low to moderate risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $112 a year, including coverage for your property’s contents.
Remember – there’s a 30 day wait before a flood insurance policy takes effect.
Get covered today!

Call your LFI agent for a quote and additional information on flood insurance.

1-866-ASK- 4- LFI
1-866-275-4534
insurance.personal@longandfoster.com
http://www.longandfosterinsurance.com

 

PS.  Most of my clients use LFI when buying a home and they have found that their service is unmatched and their pricing is so much better than the competition.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: