Flood Insurance, Do You Need It?

Flood insuranceFlood insurance. Do I need it? This is a question on the mind’s of many since the flash flooding in Edmond, Oklahoma last week. Maybe it’s a question on your mind too so I asked someone I trust, Natasha Baird of Farmers Insurance, to share her thoughts on the subject. Here is what she had to say;

It only takes a few inches of water before your home could need major repairs, yet Homeowners policies don’t cover flooding. After experiencing the historic rainfall and flooding earlier this week, here are some important issues regarding Flood insurance that you should be aware of.

• Many are at risk for floods. You don’t need to live near water to be flooded. Floods can be caused by storms, melting snow and water backup due to inadequate or overloaded drainage systems.

• Flood damage is not covered by Homeowner policies. You can help protect your home, business and belongings with Flood insurance – up to $250,000 for the building and $100,000 for contents.

• Contents coverage is separate, so renters can get Flood insurance. Up to $100,000 contents coverage is available for Homeowners and Renters. Contents are not automatically included with the building coverage.

• Up to a total of $1 million of Flood insurance coverage is available for non-residential buildings and contents. Up to $500,000 of coverage is available for non-residential buildings and up to $500,000 of coverage for their contents.

• There is usually a 30-day waiting period before the coverage goes into effect. Plan ahead so you’re not caught without Flood insurance when a flood threatens your home or business.

• Federal disaster assistance may not be the answer. Federal disaster assistance is only available if the President declares a disaster. Flood insurance pays even if a disaster is not declared.

Don’t wait until the next historic rainfall to learn that you weren’t properly covered. Contact us today to learn more about Flood insurance and determine if it is right for you.

For more information, e-mail Natasha at natasha.kbaird@farmersagency.com

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