Flood Insurance
FEMA has expressed concerned that there is an extensive lack of understanding by home and business owners about the often cost effective protection flood insurance provides. Because flood insurance is readily and cost effectively available. The average flood claim is $15,000 while the average flood insurance policy costs a little over $350 a year.
Business and homeowners believe they have protected their investments with insurance that fails to protect against the most common of all natural disasters, unless they also purchased a flood insurance policy.
Homeowner, condo, and business insurance policies normally do not cover flooding damage. Unfortunately, there is a 30-day waiting period for new flood policies, so check the long-range weather forecasts and patterns for your area.
Below are a few facts about flooding in the U.S.
Check our state's flood history with FEMA's interactive data visualization tool. Move your cursor over each parish to see how many flooding events have happened in your area. This tool allows you to compare how much FEMA and the U.S. Small Business Administration have provided in terms of federal disaster aid after Presidential Disaster Declarations to the amount the National Flood Insurance program has paid to its policyholders. It's easy to see that having flood insurance provides more assistance for recovery.
Business and homeowners believe they have protected their investments with insurance that fails to protect against the most common of all natural disasters, unless they also purchased a flood insurance policy.
Homeowner, condo, and business insurance policies normally do not cover flooding damage. Unfortunately, there is a 30-day waiting period for new flood policies, so check the long-range weather forecasts and patterns for your area.
Below are a few facts about flooding in the U.S.
- Floods are our nation’s most common and costly natural disaster that equates to millions of dollars in damage every year. Calcasieu Parish alone has had 74 flooding events from 1996 through 2016.
- Homeowners and renters insurance policies rarely include flood damage.
- More than 20 percent of flood damage claims come from dwellings outside of the high risk flood zones.
- Flood insurance policies can pay regardless of whether there is a Presidential Disaster Declaration.
- Most federal disaster assistance is in the form of low-interest disaster loans from United States Small Business Administration (SBA) and require that you pay the loan back. FEMA does offer disaster grants that don't need to be paid back, but is often much less than what you need to recover. A claim against your flood insurance policy can and often does, provide more money for recovery than those you might qualify for from FEMA or the SBA, and you don't have to pay the money back.
- If you live in a high risk flood zone you may be required to purchase flood insurance. Congress has mandated that all federally regulated and insured lenders require flood insurance on properties that are financed in areas with high risk of flooding. Even if your property is not located in a high risk flood area, your lender may still require it.
Check our state's flood history with FEMA's interactive data visualization tool. Move your cursor over each parish to see how many flooding events have happened in your area. This tool allows you to compare how much FEMA and the U.S. Small Business Administration have provided in terms of federal disaster aid after Presidential Disaster Declarations to the amount the National Flood Insurance program has paid to its policyholders. It's easy to see that having flood insurance provides more assistance for recovery.
Don't get caught without the protection of a flood insurance policy! Call Kelly Lee Insurance for your quote today.