![]() ![]() Talk to an agent here at Burstad Insurance for help determining how much coverage you may need in the event of a flood-related loss. If these limits are too low to adequately protect your home and property against flooding, there may be supplemental coverage solutions available on the private market. This is the most the NFIP will reimburse to policy-holders for the loss of personal belongings. ![]() ![]() The maximum available coverage for property damages is $100,000. This is the most the NFIP will insure a home for, including the cost to rebuild or repair it. The maximum available coverage for structural damages is $250,000. These include structural damages and personal property damages. There are two primary types of coverage available from the National Flood Insurance Program. The program is overseen by the Federal Emergency Management Agency (FEMA), which assesses geographical risks and determines the cost of flood insurance premiums per household based on that data. Today, the NFIP is the primary source of flood insurance in the United States, as the potential for costly mass flood damage is too much risk for private insurers to take on. In 1968, the federal government initiated the National Flood Insurance Program to provide financial protection for people who lived in areas deemed a moderate to high risk of flooding. The National Flood Insurance Program (NFIP) You may not be able to control the elements of weather, but when you partner with an independent agent at Burstad Insurance, you can prepare for the worst with a flood insurance policy designed to protect you when you need it most. Even a drought can lead to flooding, as the dry ground is unable to absorb the water. Here in central and western Wisconsin, the threat of flooding looms nearly year-round, whether due to rain or melting snow. Unless you have an active flood insurance policy in place prior to the flood, you could face tens of thousands of dollars or more in out-of-pocket losses. Due to the high cost of flood damage, homeowners insurance generally excludes water damages caused by rising groundwater. That's why it is especially important that you purchase a flood policy before severe weather threatens your area.If it rains where you live, it can flood, too. Typically, there is a 30-day waiting period before a new flood policy or changes to an existing policy are effective. Your agent can help you get a flood insurance policy through NFIP and an excess flood insurance policy to make sure you have the right amount of coverage. If you need additional coverage, you may purchase an excess flood policy. Coverage is limited up to $250,000 on the structure itself and contents coverage is limited up to $100,000. It is important to understand the limits of coverage available under a standard flood policy. Coverage for both the building and contents.When buying a flood policy you may select from several coverage options including: Getting the Right Flood InsuranceĪ flood policy provides coverage for personal property damaged by rising water. Speak with a local Farm Bureau Insurance agent to get a flood insurance quote for your South Carolina home. If you live in a low-risk area, you may qualify for some of the lowest premiums available through the National Flood Insurance Program (NFIP). Each year about 25 percent of all flood claims are filed by people who live in low-to-moderate risk areas.ĭon't take an unnecessary risk with your home. Low-Risk Flood AreasĮven if you live in a low-risk flood area, your home may still be at risk. Since homeowner's insurance does not cover flooding, it's important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact South Carolina.Ī flood insurance policy offers coverage for both the structure (your home) itself and your personal property, including furniture, electronic equipment and other items that can be damaged by flooding. Statistics show that during the course of a 30-year mortgage, a home is three times more likely to be damaged by a flood than by a fire.īecause all it takes is a few inches of water to damage your home and its contents, it is important that you get covered. A Farm Bureau Insurance agent can also answer questions you may have about an existing flood policy. Your Farm Bureau Insurance agent can assist you with purchasing a flood insurance policy for your home in South Carolina, whether it's near the coast or in the Upstate. A separate policy must be purchased through the National Flood Insurance Program. Your homeowner's insurance does not cover damage caused by flooding. No matter where you live, the fact is everyone should be concerned about flooding. You may not be worried about damage from flooding because you don't live near the coast or another body of water. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |