You don't have to live in a flood-prone area to encounter flooding in your home. This can happen at any time to anyone! Flooding can be caused by more than just natural disasters. If you own a home, you need flood insurance. There are two different types of flood insurance: the National Flood Insurance Program and private flood insurance. The area you live in will determine which type of flood insurance is best for you.
The National Flood Insurance Program is a flood insurance that is offered through FEMA. If you are located in one of the 21,000 communities that participate in this program, you should be eligible for both types of coverage offered by the National Flood Insurance Program.
The two types are building property coverage and personal property coverage. Building property coverage is "replacement cost value" coverage. This means that building property coverage covers the cost to repair or replace your home up to $250,000. Personal property coverage replaces up to $100,000 of items in your home.
The other type of flood insurance is private flood insurance. Private flood insurance premiums vary based on the insurance companies that offer it. Speak with your insurance agent regarding cost and coverage plans.
You may qualify for both the National Flood Insurance Program and private flood insurance. Depending on the value of your home and contents in it, you might be better off getting both to protect yourself in the event of a flood.
Flood Facts:
Even when following these tips there is still a chance an injury or fire could happen. In the event of an accident here are some tips to follow:
Give our office a call to discuss all your flood insurance options! (302)337-9400
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