It’s no surprise that the Pandemic and the Presidential Election dominated the news in 2020, but Mother Nature also had a say. Across the U.S., National disasters left more than $95 billion in damages, with homeowners and businesses bearing the brunt of the cost.
Flooding is the most common natural disaster in the United States. If most of your wealth is tied up in your house, you may be risking financial ruin without having adequate flood insurance coverage. Flood insurance covers losses directly resulting from flooding or flood-related erosion caused by heavy or prolonged rain, snow melt, coastal storm surges, blocked storm drainage systems, levee dam failure and similar events.
Many homeowners have misconceptions of what exactly their insurance policy covers. For instance, no standard homeowners policy covers flooding. Homeowners can purchase additional coverage for flood insurance from the Federal Government or a private insurer like Barrows Insurance Agency.
Things to know:
1. The Government’s National Flood Insurance Program (NFIP) provides up to $250,000 of dwelling coverage and up to $100,000 of contents coverage.
2. The cost of an NFIP policy varies, depending on the risk, but averages about $700 a year.
3. A policy from a private insurer averages $1050 a year.
4. However, a private policy could cost you less than an NFIP policy
Remember, you want to have enough coverage to help you rebuild if your home gets damaged by a flood. Our specialized agents can help you compare options with flood insurance so when panic sets in, you know you are covered!
