 |
Top 10 Facts Every Consumer
Needs to Know About the National Flood Insurance Program
(NFIP)
- 1. Everyone lives in a flood zone.
- You don't need to live near water to be flooded.
- Floods are caused by storms, melting snow, hurricanes, and water backup due to inadequate or overloaded drainage systems, dam or levee failure, etc.
-
-
- 2. Flood damage is not covered by homeowners policies.
- You can protect your home, business, and belongings with flood insurance from the National Flood Insurance Program.
- You can insure your home with flood insurance for up to $250,000 for the building and $100,000 for your contents.
-
-
- 3. You can buy flood insurance no matter what your flood risk is.
- It doesn't matter whether your flood risk is high, medium, or low, you can buy flood insurance as long as your community participates in the National Flood Insurance Program.
- And, it's a good idea to buy even in low or moderate risk areas: almost 25 percent of all flood insurance claims come from low- to moderate-risk areas.
-
-
- 4. There is a low-cost policy for homes in low- to moderate-risk areas.
- The Preferred Risk Policy is available for just over $100 a year.
- You can buy up to $250,000 of coverage for your home and $60,000 of coverage for your contents.
-
-
- 5. Flood insurance is affordable.
- The average flood insurance policy costs a little more than $300 a year for about $100,000 of coverage.
- In comparison, a disaster home loan can cost you more than $300 a month for $50,000 over 20 years.
-
-
- 6. Flood insurance is easy to get.
- You may be able to purchase flood insurance with a credit card.
-
-
- 7. Contents coverage is separate, so renters can insure their belongings too.
- Up to $100,000 contents coverage is available for homeowners and renters.
- Whether you rent or own your home or business, make sure to ask your insurance agent about contents coverage. It is not automatically included with the building coverage.
-
-
- 8. Up to a total of $1 million of flood insurance coverage is available for
non-residential buildings and contents.
- Up to $500,000 of coverage is available for non-residential buildings.
- Up to $500,000 of coverage is available for the contents of non-residential buildings.
-
-
- 9. There is usually a 30-day waiting period before the coverage goes into effect.
- Plan ahead so you're not caught without flood insurance when a flood threatens your home or business.
-
-
- 10. Federal disaster assistance is not the answer.
- Federal disaster assistance is only available if the President declares a disaster.
- More than 90 percent of all disasters in the United States are not Presidentially declared.
- Flood insurance pays even if a disaster is not declared.
|
|
|
 |
| |
- Lawrence I. Greene Insurance Brokerage,
- Office: 1-866-947-9489,
- Fax: 1-908-462-3809,
- Address: 705 Park Avenue, Suite 216, Plainfield, NJ 07060.
|
 |
|
|
