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Why you need to consider flood insurance, even if not in a flood zone
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Why you need to consider flood insurance, even if not in a flood zone

Even without waterfront property, you still may need flood insurance. Flooding cases are on the rise; not having flood insurance can become a problem when it comes to repairing or replacing damaged homes and other buildings. 

It takes just a few inches of floodwater to cause tens of thousands of dollars in damage.  

It is commonly assumed that the Federal Emergency Management Agency or some other government entity will step in and cover flood cleanup and repairs; however, that is typically not the case. Flood insurance is the best way to protect yourself from devastating financial loss, because without it you are left to assume repair and replacement costs yourself. 

A flood is a temporary condition where two or more acres of normally dry land or two or more properties—at least one of which is the policyholder’s property—are inundated by water or mudflow. This can be caused by an overflow of inland or tidal waters; unusual and rapid accumulation or runoff of surface waters from any source; mudflow; or the collapse or subsidence of land along the shore of a lake or similar body of water. 

Your flood risk isn't just based on history. It’s based on many factors that include current weather patterns, natural changes in the environment and recent development in your community. 

It’s crucial for business owners and homeowners to understand that most insurance policies exclude flood insurance. A policy must be purchased through an insurance agent; it cannot be bought directly from the National Flood Insurance Program, as it is an insurance policy and not an endorsement. 

Flood insurance is available to homeowners, renters, condominium dwellers and commercial owners and renters. Buildings and the contents of them can both be insured by flood coverage. There’s typically a 30-day waiting period between the date of a flood insurance purchase and the date the policy goes into effect.  

 

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