Flooding Awareness Week

You can't turn on the news this week without hearing about all of the devastating flooding in our area.  Westchester, the Bronx, New Jersey, and many other places are seeing the results of the heavy rains and melting snow from a record breaking winter.  People who have lived in their homes for 30+ years are suffering flood damage for the first time.

Flood Awareness Week comes at a time when flood risks are heightened due to a number of contributing factors: spring snowmelt, ice jam, heavy rains or flash flooding. Flooding is always a major concern, especially in the spring. This is the time to review your risks and ask yourself why it is important to purchase flood insurance. 

 

Why should I purchase flood insurance?

• Floods are the most common natural disaster.
• Most homeowners, condominium, manufactured home, renters and business insurance policies exclude losses due to flood.
• Flooding is the most costly natural disaster in the U.S., causing nearly $24 billion of property damage over the last 10 years.
• Just an inch of water can cause costly damage to your property.
• A car can easily be carried away by just two feet of floodwater.
• Your home has a 26 percent chance of being damaged by a flood during the course of a 30-year mortgage.
• Government assistance is sometimes available, but only if the disaster is declared a state or federal disaster, and the assistance is usually in the form of a loan.
• A federal disaster loan of $50,000 will be paid back at $240 a month at four percent interest while the average flood insurance policy costs $500 a year.  

What if my flood risk appears to be low?

• Everyone lives in a flood zone - anywhere it rains, it can flood.  
• Flooding is not limited to coastal areas. Floods and flash floods happen in all 50 states.
• Approximately 25 percent of all flooding events occur outside Standard Flood Hazard Areas.
• If you live in a low-to-moderate risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $129 a year, including coverage for your property's contents.
• Just because you haven't experienced a flood in the past, doesn't mean you won't in the future. Flood risk isn't just based on history, it's also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.

What causes flooding?

• Many conditions can result in a flood: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall.
• New land development can also increase flood risk, especially if the construction changes natural run-off paths.
• Floods often happen when bodies of water overflow or tides rise due to heavy rainfall or thawing snow. Flash floods may occur without warning when a large volume of water falls in a short time.

With everything going on with changing weather patterns, increased rain fall, and severe storms happening more often than in the past, now is the time to consider purchasing flood insurance.  The increase in claims in the past two years has been eye openening, and having a claim that isn't covered is the last thing that you want to experience.  Give us a call today, so we can get you a quote on flood insurance.  Remember, it takes 30 days for a policy to start! 888-900-2173