Flood Insurance Facts

If you live in a high-risk flooding area, having flood insurance can be one of the most valuable purchases you’ll ever make. This year, the South has received massive amounts of flooding resulting in devastating losses of homes and businesses. Floods are the most common natural disaster in the United States with an average NFIP claim of $42,000. In the past five years, all fifty states have experienced floods. There are a few important facts to know about flood insurance in today’s world as an insurance agent and as a client.

National Flood Insurance Program (NFIP) also doesn’t provide coverage for finished basements, personal contents in a basement, and additional living expenses; however, it does provide coverage for footings, foundations, posts, pilings, piers, other foundation systems, stairways, furnaces, hot water heaters, electrical junction, circuit breaker boxes, electrical outlets, and switches. New private products may assist a flood insurance policy in acting more like a homeowner’s policy, such as providing coverage for finished basements and additional living expenses.

Liked this post? Share with others!

Learn more about Frees Insurance

Serving Phoenixville and the surrounding areas since 1933