Flood insurance provides protection for destruction and financial devastation caused by floods. Although it may not seem like much, even a few inches of water can cause damage and result in thousands of dollars in repair and restoration costs. Homeowners insurance does not cover floods! Purchasing Flood insurance through Jean Martin Insurance can protect you.
Although it may not seem as necessary as homeowners insurance, flood insurance is important . Flood coverage offers protection against losses that result from heavy and lengthy rain falls, storm surges, blocked storm drainage systems, and snow melts, etc. that cause a general inundation of an area.
Different types of policies are available based on your property’s location and flood history:
Standard Flood Insurance Policies: If you live in a community that participates in the NFIP, your building and its contents can be covered by a Standard Flood Insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NIFP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties.
Preferred Risk Policies: If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost Preferred Risk Policy. While you are not required to purchase flood insurance in low-to-moderate risk areas, a Preferred Risk Policy will protect your home and its contents if you are affected by a flood. In truth, most flood insurance claims occur in low-to-moderate risk areas.