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FLOOD
INSURANCE
Whether
you live near a body of water, river, stream, or lake; flood
insurance can help protect your home and possessions from this
source of property damage.
Virtually
all Homeowner Insurance Policies exclude coverage for Flood damage
which is why you should consider the purchase of a Flood Insurance
Policy.
A
flood is a general and temporary condition where two or more acres
of normally dry land or two or more properties are inundated by
water or mudflow. Many conditions can result in a flood,
hurricanes, clogged drainage, rapid accumulation of rainfall, and
the overflow of rivers, streams, and lakes.
Homes
and businesses located in communities that participate in the
National Flood Insurance Program (NFIP) are eligible for flood
insurance at a modest cost through the federal government. Under
this program insurance companies issue flood insurance policies
and the federal government administers the program.
Many
people think that flood insurance is just for properties on or
near the water and if the mortgage company does not require a
flood insurance policy then it’s not necessary. However, over
the past few years there have been incidents of heavy rainfall
that has caused significant damage to homes and personal property
that would have been covered under a flood policy.
Whether
you are situated in a flood zone or not take some time to review
the benefits of a properly designed flood insurance policy.
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