Common Causes of Flood
Floods often result from torrential rainstorms and hurricanes. Flood can also result from melting snow. Flood insurance is not just for homes on the coast. According to the National Flood Insurance Program, 31 percent of the properties damaged by floods are located outside of a special flood hazard area designed by FEMA.
Floods also occur in all 50 states and are the second most common cause of property damage behind fire.
Protecting Your Property
- If you are moving into a new home, apartment or business location, make sure you have adequate insurance coverage. Your bank, local officials or insurance representative can inform you if your location is at risk of flooding.
- Flood insurance is excluded under homeowners and renters policies, but it is covered under the comprehensive section of standard automobile insurance policies and some coverage is available for floods under special commercial insurance policies.
- Flood insurance for homeowners, renters and businesses is administered through the federal government and can be purchased from Reno Insurance Agency under contract with the Federal Insurance Administration (FIA), part of the Federal Emergency Management Agency (FEMA).
- Flood insurance covers direct physical losses from floods and losses resulting from flood-related erosion caused by waves or currents of water exceeding anticipated cyclical levels and accompanied by a severe storm, flash flood, abnormal tide surge or a similar situation which results in flooding. Flood insurance also may cover mudslides.
- Coverage for the structure and contents of the home are sold separately. Buildings are covered for replacement cost but contents coverage is available on an actual cash value basis only.
Call today for a quote on Flood Insurance.
Flood Myth: If my property is hit by a flood, disaster assistance will bail me out.
Truth: Maybe-as long as the President declares it a disaster, which doesn't always happen. But even if it does, Federal assistance is usually a loan that you must pay back- in addition to your existing mortgage.