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Flood Insurance


Some of the most widespread disasters in the United States are floods. According to the American Red Cross, flooding and associated debris flow cause as much as 90 percent of damage related to natural calamities.They are often destroying entire river basins, ,affecting life of many whole communities. However, not all floods are alike. Some of them develop slowly, sometimes over a few days, while other floods can develop quickly, without any visible preconditions in just a few minutes. The latter type of floods is frequently comprised of a perilous gathering of roaring water that carries rocks, mud, and other debris and can wipe from the face of the earth everything standing in its path. Flooding can also develop without the presence of a defined river or stream, like for example when a levee is breached, or occur when a dam breaks.

Flood damage can happen to anyone, and Flood insurance is to protect a person from the utter financial and moral devastation caused by floods and save from possible consequences. Over time, certain areas are more likely to flood than others. If you live in one of these areas and have a mortgage, federal law may require you to have flood insurance. But, even if you're not required to purchase flood insurance in florida, your home could still be at risk of flooding. Most homeowners insurance policies does not cover floods, that is the reason why flood insurance has to be purchased separately.

Flood insurance protects buildings and their contents against losses excluding the surrounding land. The coverage varies depending on whether the flooding originates from heavy or prolonged rains, snow melt, coastal storm surge, levee failure, or other causes. Only if the waters cover at least two acres or affect at least two properties, then it is considered a flood. More broadly, your very flood risk is determined in advance and is pointed out through the means of flood hazard maps.

You will need a Standard Policy in the event you live in a high-risk area. Indeed, most lenders will ask that you have such a policy before they approve your loan.

If you live outside of high-risk areas, the flood insurance will be accessible as well, usually at lower cost. Large floods often spread their negative impact beyond the boundaries of high-risk areas and smaller floods occur outside high-risk areas as well. As a matter of fact, a quarter of all flood insurance claims come from low-to-moderate risk areas to high-risk areas. An available Preferred Risk Policy covers both a home and its contents, with premiums as low as $119 per year.

There are generally three policy types available:

  • Home - for single- and multi-family homes;
  • General Property - for apartments and businesses;
  • Residential Condominium Building Association Policy - for condos.

Flood insurance costs the same wherever you get it, because the rates are developed and set by the National Flood Insurance Program. Flood insurance is sold and serviced by private insurers who will try to take advantage of you if you're not alert, or by contrast, help find out the best solution for you. According to statistics, more than 85 companies sell flood insurance.

It is worth taking into considerartion that your lender can require you to get flood insurance if you are going to buy a house in a high-risk flood zone and receive a mortgage loan from a federally regulated or insured lender. Nevertheless,
if you have a home of business in a low-or-moderate risk flood zone, you are not obliged to purchase flood insurance. However, flood insurance is still available as it has been mentioned.

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