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Don’t Let Flood Dampen your Spring

Property and Casualty Insurance

As climate-related weather events increase in severity and frequency, homeowners are seeing flooding in places that may never have experienced such events. No matter where you live, there is a chance that you might have a flood event that could impact your property. 
 
Unprecedented snowfall/snowmelt, intensifying hurricane seasons and extreme rainfall are contributing to flooding across the United States.

Most homeowners policies exclude flood coverage.

  • Did you know flooding has proven to be the most destructive natural disaster? According to the Federal Emergency Management Agency (FEMA), just one inch of water can cause $25,000 or more in damages that most homeowners insurance policies don't cover.

Flooding can happen to anyone. 

  • More large rain events are causing flooding in areas traditionally considered non-flood-prone areas. As more flooding occurs in unlikely locations, authorities are taking action. FEMA has restructured the National Flood Insurance Program‘s (NFIP) flood assessment model, Risk Rating 2.0. [HT1] What‘s different about the new flood plan is that for the first time, climate change is being factored into the agency‘s assessment of flood risk. As risks are better defined, homeowners can determine with more accuracy just how vulnerable their properties are. That is critical information. 

You may need it even if your bank doesn‘t require it. 

  • Banks only require flood insurance in certain zones, but your mortgage holder is not a risk advisor and only cares about protecting their interest. Every property is susceptible to a flood event, and purchasing primary flood insurance or excess flood insurance is one of the best ways to protect your home and property.

If you think flood insurance is too expensive, consider the cost of going without it.

  • The average cost of NFIP flood insurance in a low-risk zone is as little as $500 a year. It is much less expensive to buy coverage or excess coverage than it would be to repair/replace the damage.  

Our experts can walk you through coverage and give you the information and support you need to protect your property and belongings.

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