Historic flooding has been sweeping the nation as storms become more powerful and more frequent. Even homes not in flood plains are seeing increased losses from flood-related events. In August of this year, Connecticut saw historic flooding that resulted in an estimated $300 million in damage to about 2,000 homes and businesses. What many residents discovered was that their homeowners policy did not cover losses to their property from flood damage. North Carolina also recently experienced historic rain and subsequent flood damage.
Why You Should Not Delay in Purchasing Flood Insurance
Flood coverage is NOT part of your standard homeowner’s insurance policy (or renters insurance policy). Homeowners and businesses must purchase a separate flood insurance policy to cover flood-related loses to their homes and businesses.
Maybe you’re saying to yourself, I’ll just wait until I hear a storm is headed my way to buy flood insurance since I don’t live in a flood zone and I’m trying to save money. Bad idea! When you purchase a flood insurance policy, it does not go into effect for 30 days. Even the best meteorologist can’t predict a storm that far out. If a storm hits during your 30 day waiting period, your coverage will not protect you.
Where Can I Purchase Flood Insurance Coverage?
Those ready to purchase flood coverage have options. The National Flood Insurance Program (NFIP) is a federal program administered through the Federal Emergency Management Agency (FEMA) that offers flood insurance policies to homes and businesses in high-risk flood areas with mortgages from government-backed lenders that are required to have flood coverage. Even if you don’t live in a high-risk zone you can purchase a federal flood insurance policy through the NFIP.
There is, however, also a private flood insurance market. This may not be an affordable option for those residing in high risk flood zones, but for those not in a FEMA designated special flood hazard area, you may find competitive rates through private insurers. A Brooks, Todd & McNeil agent can help find coverage that is both affordable and sufficient for your unique needs.
The 2024 Hurricane Season Isn’t Over Yet
According to experts, this year’s hurricane season has been slower than expected, but that may be in part due to a delayed La Nina which may lead to a late and intense hurricane season. What does that mean? Buckle up! The end of the 2024 hurricane season could be a strong and dangerous one. If you’re considering purchasing flood coverage, the sooner you secure your policy, the better likelihood you’ll be protected when the next storm strikes. Due to changing weather patterns, we can not placate ourselves with the notion that flooding can’t happen in our own backyard.
Flood coverage protects you from more than just hurricane flooding. Your Flood policy will cover flooding from lakes and rivers, heavy downpours, mudflows and melting snow that seeps into your home. Without flood insurance, your property is at risk year round from many environmental factors.
Contact a Brooks, Todd & McNeil Agent Today
Don’t delay! Our experienced agents can help you find comprehensive coverage that protects your home and business. Contact us today at 1-800-448-4567.