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Most flood insurance coverage is underwritten through the NFIP albeit obtained through any one of numerous regular insurance companies who participate in the program.
What Does Flood Insurance Cover?
Flood insurance quotes are provided for essentially natural events (as distinct from burst pipe and internal leak consequences).
They cover overflow of inland and tidal waters and the unusual and rapid accumulation of surface water or runoff from any source. It must be a general and temporary situation, of partial or total inundation of two plus acres.
Flood insurance quotes provide protection or cover for direct physical losses to buildings and/or contents (personal belongings) and indirect damage resulting from flood related erosion. In the case of a basement, coverage for personal belongings stored in any basement is not covered.
To be eligible for flood insurance quotes underwritten by the Federal NFIP Program you must reside in one of roughly 20,000 participating communities, designated as either high risk or moderate to low risk.
Do I Need Flood Insurance?
Homeowners in high risk communities who have any federally regulated or insured mortgage are required to have flood insurance on the property. Flood insurance is not mandatory as such for low to moderate community residents, however, one quarter to one third of all flood insurance claims paid out typically relate to locations not designated high risk. Flood insurance quotes can be obtained for low to moderate risk areas as a preferred risk policy. This provides for cheap flood insurance when compared to high risk community policies.
In general, the availability of cheap flood insurance quotes is dependent on the exact location, the dollar amount of coverage and type of policy (i.e. building and/or contents policy). Buildings and contents policies have separate deductibles for each.
Cheap Flood Insurance
Flood insurance rates are set by the national flood insurance program itself, not by the insurer you purchase a policy through. Flood insurance rates are firstly dependent on the specific zone in which the property is located. Flood insurance rates are available for a maximum NFIP coverage of $250,000 for building and $100,000 for contents. In some states the consumer may be able to get excess flood insurance quotes, that is for flood insurance coverage beyond the federal program limits. Free flood insurance quotes can be obtained from around one hundred different insurers who might be selected on the basis of customer service. Some residents in low to medium risk locations might ask the question, why buy flood insurance, and why not rely on federal disaster assistance? When you buy flood insurance you gain protection regardless of disaster declaration requirements. Furthermore, in the limited cases of disaster assistance, help comes in the form of a loan which must be repaid with interest. Flood insurance cost may be seen as a worthwhile expense given claim statistics. Flood insurance cost may not be mitigated by discounts since all participating companies offer the same rate. Flood insurance quotes can be obtained here online from approved insurers. Check out flood insurance and water damage insurance today.