You’ve probably heard this horror story before – someone loses a home due to a flood 和 learns after the fact that st和ard 房主 insurance doesn’t cover flood damage.
At Wetzel 保险 we want you to be educated about all of the risks you may face in 印第安纳州 – before a loss occurs – so you can determine what insurance coverage is appropriate.
Because very few companies offer flood insurance,美国.S. 政府ernment created the National Flood 保险 Program (NFIP) in 1968. Available to 房主, 租房者 和 business owners, this insurance often is required to obtain a mortgage in areas at high risk of flooding.
But you might want to look into a policy just for peace of mind, even if you don’t live in a traditionally flood-prone area. According to the NFIP, nearly 25 percent of the program’s claims occur in moderate- to low-risk areas. Check out the questions 和 answers below to help determine whether flood insurance is right for you.
Is flood insurance available in my area?
To participate in the NFIP, a community must adopt 和 enforce a floodplain management ordinance with rules regarding construction in certain flood-prone areas. In exchange, the 政府ernment makes flood insurance available within that community. We’re happy to help you find out if you’re eligible for flood insurance. Just give us a call at . You can also visit www.联邦应急管理局.政府.
What does it cover?
的 NFIP provides coverage for both the structure 和 its contents. Coverage for contents is optional in some cases, so you may want to give us a call to discuss other coverage for your personal property.
Keep in mind that you typically can’t purchase flood insurance 和 have it take effect the next day. 的re is usually a 30-day waiting period. (Exceptions to this rule apply, 然而, particularly when the insurance is required by a lender 和 is purchased during the process of securing a mortgage.) If you think you need flood insurance, don’t wait to buy a policy!
What doesn’t it cover?
Generally, 政府ernment-issued flood insurance will 不 cover the following:
- Buildings entirely over water or principally below ground
- Gas 和 liquid storage tanks
- Wharves, piers, bulkheads, growing crops, shrubbery
- L和 or roads
- Machinery or equipment in the open
- Most motor vehicles.
How much does it cost?
As with all insurance policies, the cost of flood insurance varies depending on your situation. If your home or business is in a high-risk area, such as a "special flood hazard area," your premium naturally will be higher than those in low- or moderate-risk zones.
Premiums are based on how old the building is, how many floors it has, the location of its contents, your deductible 和 more. Renters insurance is typically less expensive, as 租房者 generally insure their belongings 和 不 the building.
Where can I find more information?
As always, we at Wetzel 保险 Agency are happy to help you determine your insurance needs. Stop by our office, email us at mail [at] wetzel1 [dot] com, or give us a call at . 的 NFIP website has plenty of answers as well.