The lazy days of summer are upon us. So pass the sweetened sun-brewed iced tea with the mini cocktail umbrella and light up a few tiki torches. But don't doze off in that hammock just yet. Along with summer comes the increased chance of severe summer weather. As hurricane season swiftly approaches, homeowners are encouraged to prepare for worst case scenarios.
Eight days shy of hurricane season, time is quickly ticking for consumers to take action against financial ruin in the event of catastrophe. With an increased amount of hurricanes anticipated this season, the National Oceanic & Atmospheric Administration urges folks to prepare for the worst. The NOAA reports that approximately 13-17 storms will be named and seven to 10 will likely become hurricanes.
So what do you need to do to prepare? Don't run to the home improvement store just yet. Plywood and duct tape won't prevent or fix damage from a hurricane. Because hurricanes bring torrential rains and cause extensive flood damage, you need to be sure you've purchased flood insurance.
"But doesn't my homeowner's insurance take care of flooding? I thought homeowner's insurance was supposed to cover things like this?"
While it seems logical that homeowner's insurance would cover flooding, it does not. With FEMA reporting flooding as America's #1 natural disaster, it makes sense to look into purchasing flood insurance.
You have several options when it comes to purchasing flood coverage. The National Flood Insurance Program offers two federal programs. The main stipulation for these programs is that your community must enroll and be an NFIP participant. This flood insurance can be purchased directly from the NFIP or from some insurance agents.
"But do I have to buy flood insurance when there is a national disaster program that will assist me?"
Because both programs provide coverage for flood damage, you don't HAVE to purchase flood insurance. Like many government programs, however, national disaster assistance requires much more paperwork and waiting than flood insurance does.
In addition, flood insurance does not have to be re-paid. Most disaster assistance comes in the form of a loan, so it has to be re-paid over a set amount of time. Disaster assistance is only guaranteed when the president puts it into effect - and even then you have to wait for reimbursement.
In short, keep in mind that FLOOD INSURANCE IS NOT INCLUDED in your homeowner's insurance policy. If you need to apply for flood insurance, start preparing ASAP. Unless you just built your house, there is a 30-day waiting period between when you apply for the insurance and the date it goes into effect. With a little more than a week before hurricane season and 30 days for your policy to take effect, don't let time slip away with the lazy days of summer unless you're insured for flood damage.
Monday, June 11, 2007
Hurricane Season - Are You Prepared With Flood Insurance?
Hurricane season is just around the corner, which means greater potential for flooding and/or flood damage to your home. It doesn't matter where you live, flooding can occur almost anywhere. If you live along the coast or near a body of water, particularly, protection against and preparation for this type of disaster is necessary to ensure your finances are protected. Have you purchased flood insurance?
The Federal Emergency Management Agency (FEMA) reports that flooding is America's #1 natural disaster. From snow melts and flash flooding to tropical storms and dams that have reached capacity, the potential for flooding should always be considered, regardless of where your home is located.
With hurricane season less than a month away, its prime time to be considering flood insurance. Why should you purchase flood coverage? Well, the important fact to be aware of is that homeowner's insurance policies do not cover flood damage or ground water damage from heavy rain. So, even if you've purchased a significant amount of homeowner's insurance and your area experiences heavy flash flooding, damage to your dwelling will not be covered unless you have purchased flood insurance.
Aside from purchasing insurance…
There are a few things you can do to reduce your risk of flooding or experiencing flood damage. The best way to reduce the risk of your home truly being flooded would be to avoid living near a body of water, including rivers and streams. Living in a house on top of a mountain or large hill could also do the trick. If living up in the hills isn't for you or if you insist on living near water, however, flood insurance is your best protection.
What types of flood insurance are available?
Flood insurance is available through two different avenues - the sump pump failure/sewer backup endorsement and The National Flood Insurance Program.
The sump pump failure backup endorsement does not cover true flooding - it simply covers water seepage and runoff. While coverage will vary with each insurance company, keep in mind that this coverage only takes effect if you have a sump pump and only if it does not properly take care of the seeping water.
FEMA established the National Flood Insurance Program (NFIP) in 1968. This program only has one requirement - that you live in a community that participates in the program. This coverage is available in two packages -Emergency program and the Regular program. The programs' distinctions are quite simple. The Emergency program is set up for houses in communities that have applied for, but have not yet been accepted into the NFIA. The Regular program is for homes that are in participating NFIA communities.
Neither the sump pump backup endorsement nor the NFIA completely cover the risk of flooding.
So what should you do?
If you're on the fence about purchasing flood insurance, consider your options and your flood potential. If your home floods, can you afford to do without the flood insurance? While you cannot predict natural disasters, catastrophes or accidents, you can secure your finances for the future if you prepare for those events.
The Federal Emergency Management Agency (FEMA) reports that flooding is America's #1 natural disaster. From snow melts and flash flooding to tropical storms and dams that have reached capacity, the potential for flooding should always be considered, regardless of where your home is located.
With hurricane season less than a month away, its prime time to be considering flood insurance. Why should you purchase flood coverage? Well, the important fact to be aware of is that homeowner's insurance policies do not cover flood damage or ground water damage from heavy rain. So, even if you've purchased a significant amount of homeowner's insurance and your area experiences heavy flash flooding, damage to your dwelling will not be covered unless you have purchased flood insurance.
Aside from purchasing insurance…
There are a few things you can do to reduce your risk of flooding or experiencing flood damage. The best way to reduce the risk of your home truly being flooded would be to avoid living near a body of water, including rivers and streams. Living in a house on top of a mountain or large hill could also do the trick. If living up in the hills isn't for you or if you insist on living near water, however, flood insurance is your best protection.
What types of flood insurance are available?
Flood insurance is available through two different avenues - the sump pump failure/sewer backup endorsement and The National Flood Insurance Program.
The sump pump failure backup endorsement does not cover true flooding - it simply covers water seepage and runoff. While coverage will vary with each insurance company, keep in mind that this coverage only takes effect if you have a sump pump and only if it does not properly take care of the seeping water.
FEMA established the National Flood Insurance Program (NFIP) in 1968. This program only has one requirement - that you live in a community that participates in the program. This coverage is available in two packages -Emergency program and the Regular program. The programs' distinctions are quite simple. The Emergency program is set up for houses in communities that have applied for, but have not yet been accepted into the NFIA. The Regular program is for homes that are in participating NFIA communities.
Neither the sump pump backup endorsement nor the NFIA completely cover the risk of flooding.
So what should you do?
If you're on the fence about purchasing flood insurance, consider your options and your flood potential. If your home floods, can you afford to do without the flood insurance? While you cannot predict natural disasters, catastrophes or accidents, you can secure your finances for the future if you prepare for those events.
Hurricane Season - Are You Prepared With Flood Insurance?
Hurricane season is just around the corner, which means greater potential for flooding and/or flood damage to your home. It doesn't matter where you live, flooding can occur almost anywhere. If you live along the coast or near a body of water, particularly, protection against and preparation for this type of disaster is necessary to ensure your finances are protected. Have you purchased flood insurance?
The Federal Emergency Management Agency (FEMA) reports that flooding is America's #1 natural disaster. From snow melts and flash flooding to tropical storms and dams that have reached capacity, the potential for flooding should always be considered, regardless of where your home is located.
With hurricane season less than a month away, its prime time to be considering flood insurance. Why should you purchase flood coverage? Well, the important fact to be aware of is that homeowner's insurance policies do not cover flood damage or ground water damage from heavy rain. So, even if you've purchased a significant amount of homeowner's insurance and your area experiences heavy flash flooding, damage to your dwelling will not be covered unless you have purchased flood insurance.
Aside from purchasing insurance…
There are a few things you can do to reduce your risk of flooding or experiencing flood damage. The best way to reduce the risk of your home truly being flooded would be to avoid living near a body of water, including rivers and streams. Living in a house on top of a mountain or large hill could also do the trick. If living up in the hills isn't for you or if you insist on living near water, however, flood insurance is your best protection.
What types of flood insurance are available?
Flood insurance is available through two different avenues - the sump pump failure/sewer backup endorsement and The National Flood Insurance Program.
The sump pump failure backup endorsement does not cover true flooding - it simply covers water seepage and runoff. While coverage will vary with each insurance company, keep in mind that this coverage only takes effect if you have a sump pump and only if it does not properly take care of the seeping water.
FEMA established the National Flood Insurance Program (NFIP) in 1968. This program only has one requirement - that you live in a community that participates in the program. This coverage is available in two packages -Emergency program and the Regular program. The programs' distinctions are quite simple. The Emergency program is set up for houses in communities that have applied for, but have not yet been accepted into the NFIA. The Regular program is for homes that are in participating NFIA communities.
Neither the sump pump backup endorsement nor the NFIA completely cover the risk of flooding.
So what should you do?
If you're on the fence about purchasing flood insurance, consider your options and your flood potential. If your home floods, can you afford to do without the flood insurance? While you cannot predict natural disasters, catastrophes or accidents, you can secure your finances for the future if you prepare for those events.
The Federal Emergency Management Agency (FEMA) reports that flooding is America's #1 natural disaster. From snow melts and flash flooding to tropical storms and dams that have reached capacity, the potential for flooding should always be considered, regardless of where your home is located.
With hurricane season less than a month away, its prime time to be considering flood insurance. Why should you purchase flood coverage? Well, the important fact to be aware of is that homeowner's insurance policies do not cover flood damage or ground water damage from heavy rain. So, even if you've purchased a significant amount of homeowner's insurance and your area experiences heavy flash flooding, damage to your dwelling will not be covered unless you have purchased flood insurance.
Aside from purchasing insurance…
There are a few things you can do to reduce your risk of flooding or experiencing flood damage. The best way to reduce the risk of your home truly being flooded would be to avoid living near a body of water, including rivers and streams. Living in a house on top of a mountain or large hill could also do the trick. If living up in the hills isn't for you or if you insist on living near water, however, flood insurance is your best protection.
What types of flood insurance are available?
Flood insurance is available through two different avenues - the sump pump failure/sewer backup endorsement and The National Flood Insurance Program.
The sump pump failure backup endorsement does not cover true flooding - it simply covers water seepage and runoff. While coverage will vary with each insurance company, keep in mind that this coverage only takes effect if you have a sump pump and only if it does not properly take care of the seeping water.
FEMA established the National Flood Insurance Program (NFIP) in 1968. This program only has one requirement - that you live in a community that participates in the program. This coverage is available in two packages -Emergency program and the Regular program. The programs' distinctions are quite simple. The Emergency program is set up for houses in communities that have applied for, but have not yet been accepted into the NFIA. The Regular program is for homes that are in participating NFIA communities.
Neither the sump pump backup endorsement nor the NFIA completely cover the risk of flooding.
So what should you do?
If you're on the fence about purchasing flood insurance, consider your options and your flood potential. If your home floods, can you afford to do without the flood insurance? While you cannot predict natural disasters, catastrophes or accidents, you can secure your finances for the future if you prepare for those events.
Home Insurance And Flooding
It is thought that over two million homes throughout the UK are at risk from flooding. This is due to many factors such as heavy rainfall or high tides due to bad weather, although flooding can also occur through other mishaps such as broken pipes.
While certain areas are affected more than others, for example those near the coast, it is important that you check that you have adequate protection against the ramifications of a flood. A recent survey showed that more than half of British people were inadequately covered against flooding. In 2006, 52% of people who were affected by floods found that they weren’t covered.
This having been said, those who live in high risk areas will of course have to pay a higher premium than those who live in a low risk area. You are considered to be in a high risk area if there is a greater than 1 in 75 chance and a low area if the risk is 1 in 200. This data is used by insurance companies and is taken from a flood map which was originally devised by the Environmental Agency. While those in the low and medium risk areas should be able to get flood insurance for a price, those who are considered to be in the top risk bracket could find it next to impossible to get flood insurance.
Homeowners who are at risk are of course expected to take every possible step towards minimizing flooding themselves. Special products can be bought to help minimize the risk and you could be asked to purchase these before a company will accept your application.
As with any type of insurance, it is essential for you to shop around as premiums can vary from company to company particularly if you are in a higher risk area. Shopping online and visiting a specialist brokerage will enable you to get as many quotes as possible for insurance which includes flood damage and you should always make sure what you are and are not covered for.
While you may not be at high risk of flood, some companies that use postcodes to asses the risk could deem that you are high risk and unfairly you might have to pay over the odds. However by shopping around you can access a company that uses a different method for assessing the risk and so get a lower price premium.
While certain areas are affected more than others, for example those near the coast, it is important that you check that you have adequate protection against the ramifications of a flood. A recent survey showed that more than half of British people were inadequately covered against flooding. In 2006, 52% of people who were affected by floods found that they weren’t covered.
This having been said, those who live in high risk areas will of course have to pay a higher premium than those who live in a low risk area. You are considered to be in a high risk area if there is a greater than 1 in 75 chance and a low area if the risk is 1 in 200. This data is used by insurance companies and is taken from a flood map which was originally devised by the Environmental Agency. While those in the low and medium risk areas should be able to get flood insurance for a price, those who are considered to be in the top risk bracket could find it next to impossible to get flood insurance.
Homeowners who are at risk are of course expected to take every possible step towards minimizing flooding themselves. Special products can be bought to help minimize the risk and you could be asked to purchase these before a company will accept your application.
As with any type of insurance, it is essential for you to shop around as premiums can vary from company to company particularly if you are in a higher risk area. Shopping online and visiting a specialist brokerage will enable you to get as many quotes as possible for insurance which includes flood damage and you should always make sure what you are and are not covered for.
While you may not be at high risk of flood, some companies that use postcodes to asses the risk could deem that you are high risk and unfairly you might have to pay over the odds. However by shopping around you can access a company that uses a different method for assessing the risk and so get a lower price premium.
Flood Insurance - Are You Positive You Are Covered?
The 2007 Atlantic Tropical Hurricane Season is rapidly approaching and folks are hoping that this season will be mild like the 2006 Tropical Hurricane Season, which meteorologists said was about an average season. We all hope so, as the memory of Katrina, Rita and Wilma, the three sisters from hell still lingers in our minds. That insane 2005 Atlantic Tropical Season will take a great number of years to forget. The folks in New Orleans and along the Gulf Coast may never forget it.
This brings me to another topic that folks often do not discuss; Flood insurance. You see it is usually not the winds that do the most damage from a Hurricane it is the flooding that just ruins everything. Worse off nearly all home owners policies do not cover such things? That's right, so it makes sense to talk with an expert about this prior to the Hurricane Season and make sure you are covered if you live in a Hurricane Zone.
Recently, there was a Supreme Court ruling after one insurance company did not pay for flood insurance due to a "fine print" mention which excluded wind driven rain. The Insurance Company won the case and did not pay for the damages. Thus, in my opinion it might be wise to talk with a certified expert insurance person and make sure you know if you are covered yet.
When did Noah build the ark; before the rain, remember? I certainly hope this article is of interest and that is has propelled thought. The goal is simple, to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
This brings me to another topic that folks often do not discuss; Flood insurance. You see it is usually not the winds that do the most damage from a Hurricane it is the flooding that just ruins everything. Worse off nearly all home owners policies do not cover such things? That's right, so it makes sense to talk with an expert about this prior to the Hurricane Season and make sure you are covered if you live in a Hurricane Zone.
Recently, there was a Supreme Court ruling after one insurance company did not pay for flood insurance due to a "fine print" mention which excluded wind driven rain. The Insurance Company won the case and did not pay for the damages. Thus, in my opinion it might be wise to talk with a certified expert insurance person and make sure you know if you are covered yet.
When did Noah build the ark; before the rain, remember? I certainly hope this article is of interest and that is has propelled thought. The goal is simple, to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
Texas Flood Insurance - 8 Reasons Why
As a Houston, Texas Farmers insurance agent I frequently get questions about flood insurance. Here are eight reasons to consider getting flood insurance:
1) Your homeowner’s insurance policy does not cover flood damage. One of the main reasons people get homeowners insurance is for protection against a loss from fire. In Texas you are far more likely to have flood damage than fire damage. Flood insurance is valuable coverage for one of your most important assets.
2) Everyone lives in a flood zone. (According to the FEMA website.) In other words there is no such thing as a home that can not be flooded.
3) Even an inch or two of water can cause very costly damage to your property.
4) Federal disaster assistance is normally a loan that you must pay back with interest. This is not a good substitute for insurance.
5) It is easy to get flood insurance. You can get a quote and order a policy on the internet or by phone. This often takes less than 15 minutes.
6) In the event of a flood disaster it is far better to be one of the people with flood coverage!
7) With this insurance your family will have less to worry about when a big storm is in the news.
8) Flood insurance is generally inexpensive. Listed below is a chart for consumers that qualify for the preferred residential program:
Contents Only
$8,000 $61 per year
$20,000 $116 per year
$40,000 $146 per year
$60,000 $166 per year
$80,000 $181 per year
Home and Contents Combination
Building-Contents-Cost
$20,000 $8,000 $112 per year
$50,000 $20,000 $180 per year
$100,000 $40,000 $233 per year
$150,000 $60,000 $264 per year
$200,000 $100,000 $317 per year
1) Your homeowner’s insurance policy does not cover flood damage. One of the main reasons people get homeowners insurance is for protection against a loss from fire. In Texas you are far more likely to have flood damage than fire damage. Flood insurance is valuable coverage for one of your most important assets.
2) Everyone lives in a flood zone. (According to the FEMA website.) In other words there is no such thing as a home that can not be flooded.
3) Even an inch or two of water can cause very costly damage to your property.
4) Federal disaster assistance is normally a loan that you must pay back with interest. This is not a good substitute for insurance.
5) It is easy to get flood insurance. You can get a quote and order a policy on the internet or by phone. This often takes less than 15 minutes.
6) In the event of a flood disaster it is far better to be one of the people with flood coverage!
7) With this insurance your family will have less to worry about when a big storm is in the news.
8) Flood insurance is generally inexpensive. Listed below is a chart for consumers that qualify for the preferred residential program:
Contents Only
$8,000 $61 per year
$20,000 $116 per year
$40,000 $146 per year
$60,000 $166 per year
$80,000 $181 per year
Home and Contents Combination
Building-Contents-Cost
$20,000 $8,000 $112 per year
$50,000 $20,000 $180 per year
$100,000 $40,000 $233 per year
$150,000 $60,000 $264 per year
$200,000 $100,000 $317 per year
Is Your Homeowner's Insurance Giving You Protection from Flood Damage or Losses
The first thing that surprises many people about flood insurance is that everybody is actually considered to live in a flood zone according to FEMA (Federal Emergency Management Agency) - its simply a question of whether you are at low, moderate or high risk of flooding. Obviously some people, depending on where they live, are at greater risk than others.
And another surprise is that even people who live in areas not particularly prone to floods may be at risk from flooding - around 30% of claims for flood damage come from areas that are considered low to moderate risk. And during a 30 year mortgage, a typical home has about a 25% chance of being damaged by a flood.
Many homeowners are also surprised to learn that flood insurance is not included under their regular homeowner's insurance policy or renter's policy. And a surprising statistic is that in general, you are 30 times more likely to lose your home to a flood than a fire. Every year around $2.4 billion is paid out in insurance claims for flood damage or losses.
A flood can mean any kind of water damage or damage from mud, poor drainage or seepage. Much flooding is caused by winter storms, melting snow and hurricanes - things which many people tend to overlook. Just an inch of water can potentially cause costly property damage and a car can be swept away in just two feet of water.
Because most policies don't cover flood damage, Congress established the National Flood Insurance Program (NFIP) in 1968. This program allows people who may be at risk from flooding to purchase adequate insurance - even after the flood or water damage has occurred.
Several companies offer flood insurance - always make sure the company you choose is backed by the NFIP. This ensures you will be adequately protected in the case of flood damage. This is one type of insurance you shouldn't take out at the last minute - one disadvantage with the program is that after you have taken out flood insurance, there is a 30 day waiting period before any coverage takes effect.
As with other products and services, always shop around when comparing policies. The internet has made it just as easy to compare prices on line as it is to call around the various companies. Around 5 million people in the United States have some form of flood insurance and the average monthly premium is around $350 per year.
Take into account the amount of coverage you will receive in the event of a flood, as well as the amount of the monthly premiums. Make sure that there are no exclusions to the policy that may affect you. And make sure your insurance company can easily be contacted if and when you need them.
Most flood insurance policies will cover the costs of replacing or repairing both property and goods in the event of any damage. Contents can include furniture, clothes, rugs and carpets and other possessions - even the food in your freezer.
Contents and buildings both generally have separate deductibles (the amount you must pay before the insurance covers the costs) - so if both your property and contents are damaged by flooding, you will have to pay both deductibles.
So even though you may not obviously live in a high risk flood area, consider taking out flood insurance. Like most insurance, you hope to never use it - but it's comforting to know it is there.
And another surprise is that even people who live in areas not particularly prone to floods may be at risk from flooding - around 30% of claims for flood damage come from areas that are considered low to moderate risk. And during a 30 year mortgage, a typical home has about a 25% chance of being damaged by a flood.
Many homeowners are also surprised to learn that flood insurance is not included under their regular homeowner's insurance policy or renter's policy. And a surprising statistic is that in general, you are 30 times more likely to lose your home to a flood than a fire. Every year around $2.4 billion is paid out in insurance claims for flood damage or losses.
A flood can mean any kind of water damage or damage from mud, poor drainage or seepage. Much flooding is caused by winter storms, melting snow and hurricanes - things which many people tend to overlook. Just an inch of water can potentially cause costly property damage and a car can be swept away in just two feet of water.
Because most policies don't cover flood damage, Congress established the National Flood Insurance Program (NFIP) in 1968. This program allows people who may be at risk from flooding to purchase adequate insurance - even after the flood or water damage has occurred.
Several companies offer flood insurance - always make sure the company you choose is backed by the NFIP. This ensures you will be adequately protected in the case of flood damage. This is one type of insurance you shouldn't take out at the last minute - one disadvantage with the program is that after you have taken out flood insurance, there is a 30 day waiting period before any coverage takes effect.
As with other products and services, always shop around when comparing policies. The internet has made it just as easy to compare prices on line as it is to call around the various companies. Around 5 million people in the United States have some form of flood insurance and the average monthly premium is around $350 per year.
Take into account the amount of coverage you will receive in the event of a flood, as well as the amount of the monthly premiums. Make sure that there are no exclusions to the policy that may affect you. And make sure your insurance company can easily be contacted if and when you need them.
Most flood insurance policies will cover the costs of replacing or repairing both property and goods in the event of any damage. Contents can include furniture, clothes, rugs and carpets and other possessions - even the food in your freezer.
Contents and buildings both generally have separate deductibles (the amount you must pay before the insurance covers the costs) - so if both your property and contents are damaged by flooding, you will have to pay both deductibles.
So even though you may not obviously live in a high risk flood area, consider taking out flood insurance. Like most insurance, you hope to never use it - but it's comforting to know it is there.
Federal Flood Insurance Programs: Helping to Lower the Cost of Flood Insurance
Thousands, if not millions of homes, are damaged each year due to flooding. Flooding is an event that can not always be prevented. It is often hard to predict well in advance when a large amount of rainfall is going to cause flooding in a specific area. This has caused a large number of individuals to be unprepared when the weather does cause flooding in their area.
It is a known fact that flooding can occur at just about any point in time and in any location in the United States. While flooding can occur just about anywhere, there are some locations in the Untied States that are more prone to flooding than others. This means that a specific area may be likely to see flooding on a yearly basis. Individuals in these areas are often charged higher premiums for flood insurance.
High premiums are something that can be prevented, but homeowners cannot prevent them all on their own. That is why the National Flood Insurance Program was developed. The National Flood Insurance Program is a federal flood insurance program. The goal of this federal flood insurance program is to offer affordable flood insurance coverage to all homeowners.
The National Flood Insurance Program offers affordable flood insurance coverage that can be purchased directly through the federal flood insurance program or it can be purchased through a licensed agent. The National Flood Insurance Program works to get insurance affordable by monitoring the coverage plans and the amount of money they cost.
Another way that this federal flood insurance program works to help Americans is by improving cities and towns across the United States. By working with the National Flood Insurance Program a city or town could receive flood insurance reductions. These reductions are most often seen when a city or town agrees to make improvements to their area that will limit or restrict the amount of flooding that occurs. If these improvements are made and kept up-to-date, flood insurance reductions may be offered by the National Flood Insurance Program.
In addition to requesting that a city or town make flood improvements, the National Flood Insurance Program also works to save Americans money by allowing agents to sell their coverage plans. As previously mentioned, an agent must be licensed to offer flood insurance coverage from this federal flood insurance program. In many states, licensed agents are able to offer flood insurance for less. This is most commonly seen in the form of upfront rebates. AmeriFlood is one of the few agents that are offering this amazing discount that is 12% off the traditional cost.
If you are interested in receiving low-cost flood insurance premiums, then you should get working now. Whether you choose to get your community to take action or you start looking for a licensed flood insurance agent, you could be saving money on flood insurance in no time at all.
It is a known fact that flooding can occur at just about any point in time and in any location in the United States. While flooding can occur just about anywhere, there are some locations in the Untied States that are more prone to flooding than others. This means that a specific area may be likely to see flooding on a yearly basis. Individuals in these areas are often charged higher premiums for flood insurance.
High premiums are something that can be prevented, but homeowners cannot prevent them all on their own. That is why the National Flood Insurance Program was developed. The National Flood Insurance Program is a federal flood insurance program. The goal of this federal flood insurance program is to offer affordable flood insurance coverage to all homeowners.
The National Flood Insurance Program offers affordable flood insurance coverage that can be purchased directly through the federal flood insurance program or it can be purchased through a licensed agent. The National Flood Insurance Program works to get insurance affordable by monitoring the coverage plans and the amount of money they cost.
Another way that this federal flood insurance program works to help Americans is by improving cities and towns across the United States. By working with the National Flood Insurance Program a city or town could receive flood insurance reductions. These reductions are most often seen when a city or town agrees to make improvements to their area that will limit or restrict the amount of flooding that occurs. If these improvements are made and kept up-to-date, flood insurance reductions may be offered by the National Flood Insurance Program.
In addition to requesting that a city or town make flood improvements, the National Flood Insurance Program also works to save Americans money by allowing agents to sell their coverage plans. As previously mentioned, an agent must be licensed to offer flood insurance coverage from this federal flood insurance program. In many states, licensed agents are able to offer flood insurance for less. This is most commonly seen in the form of upfront rebates. AmeriFlood is one of the few agents that are offering this amazing discount that is 12% off the traditional cost.
If you are interested in receiving low-cost flood insurance premiums, then you should get working now. Whether you choose to get your community to take action or you start looking for a licensed flood insurance agent, you could be saving money on flood insurance in no time at all.
Home Insurance, Flood Alert
The Royal Institution of Chartered Surveyors warns that if you can't get insurance for your house, you're in big trouble. Mortgage lenders won't lend on houses that are uninsurable and as a result its value could fall by up to 80%.
It's a high flood risk that's most likely to make your house uninsurable. According to a recent survey, 6.5 million homes are already at risk from flooding of which 1.5 million are in high risk areas. The government has completed flood defences in many such areas and protection for a further 80,000 homes is due this year. But concerns have also been expressed about a further 120,000 new homes planned for the Thames Gateway which are potentially in a high “at risk” zone. Yet many areas remain vulnerable. And if global warming continues, by 2030, the 1.5 million at risk could mushroom 3.5 million. Back in 2003 the Association of British Insurers (ABI) agreed the principles which committed UK insurers to offering home and contents insurance for properties in areas which are assessed to be at a flooding risk once in seventy five years or more. The rider was that the flood defences had to be already in place or would be completed by the end of 2007.
The Department for Environment, Food and Rural Affairs (DEFRA) has the responsibility of developing and maintaining these flood defences but within the insurance industry there's widespread concern that insufficient progress is being made. As a result the insurers have has warned the government that there could be widespread withdrawal of insurance cover if progress is stepped up.
In the mean time, those in areas threatened by flood water could find their insurance premiums soaring. Whilst the insurance industry agreed to provide insurance cover, their commitment was simply to maintain premiums at “reasonable” levels. But there was no definition of what “reasonable” means. As a result premium increases of 60% have been common with up 400% increases in bad areas. In a tiny number of cases, cover has been withdrawn altogether, mostly in country areas where DEFRA considers the cost of defending a cluster of a few homes to be uneconomic.
Environmentalists warn that unless DEFRA gets it's skates on, the UK 's current bill for flood damage could rise from £950 million a year, to £3.2 billion. After all, the average insurance claim for household flood damage is £30,000 – that's even higher than fire damage. And localised events like the 2004 flood at Boscastle, Cornwall , can cost the insurers over £15 million.
It's a high flood risk that's most likely to make your house uninsurable. According to a recent survey, 6.5 million homes are already at risk from flooding of which 1.5 million are in high risk areas. The government has completed flood defences in many such areas and protection for a further 80,000 homes is due this year. But concerns have also been expressed about a further 120,000 new homes planned for the Thames Gateway which are potentially in a high “at risk” zone. Yet many areas remain vulnerable. And if global warming continues, by 2030, the 1.5 million at risk could mushroom 3.5 million. Back in 2003 the Association of British Insurers (ABI) agreed the principles which committed UK insurers to offering home and contents insurance for properties in areas which are assessed to be at a flooding risk once in seventy five years or more. The rider was that the flood defences had to be already in place or would be completed by the end of 2007.
The Department for Environment, Food and Rural Affairs (DEFRA) has the responsibility of developing and maintaining these flood defences but within the insurance industry there's widespread concern that insufficient progress is being made. As a result the insurers have has warned the government that there could be widespread withdrawal of insurance cover if progress is stepped up.
In the mean time, those in areas threatened by flood water could find their insurance premiums soaring. Whilst the insurance industry agreed to provide insurance cover, their commitment was simply to maintain premiums at “reasonable” levels. But there was no definition of what “reasonable” means. As a result premium increases of 60% have been common with up 400% increases in bad areas. In a tiny number of cases, cover has been withdrawn altogether, mostly in country areas where DEFRA considers the cost of defending a cluster of a few homes to be uneconomic.
Environmentalists warn that unless DEFRA gets it's skates on, the UK 's current bill for flood damage could rise from £950 million a year, to £3.2 billion. After all, the average insurance claim for household flood damage is £30,000 – that's even higher than fire damage. And localised events like the 2004 flood at Boscastle, Cornwall , can cost the insurers over £15 million.
Buyer Beware: Insurance Salvage Flood Vehicles
With the recent hurricanes in the southern United States the number of flood vehicles entering the market has skyrocketed. Many of these vehicles have been declared as salvage by insurance companies who have paid off the original owner of the car under a claim. There are steps you can take to protect yourself from buying these salvaged vehicles that have extensive water damage.
Many people may not realize they have bought a flooded car until they take it to get insured. They then find out that their agent can't even issue them an insurance rate quote because of the salvage title on the vehicle. Since used cars are usually sold "as is" there is very little recourse the buyer has at this point other than to try and get the vehicle road-worthy and go through a length inspection process with the state motor vehicle bureau that is required for a vehicle with a salvaged title.
So how can you protect yourself from buying such a car? One of the easiest ways is to obtain a vehicle history report from a firm like CARFAX which tracks flooded vehicles and other types of damage. You can also do some detective work yourself on the vehicle if you have doubts. Look inside the engine compartment and see if there are any tell-tale water mark signs that might indicate high water levels. Next, check under carpeting to see if there is mold or any presence of water staining. Finally, inspect the electrical system thoroughly. This is where most water problems show up first as electricity and water are not exactly the best of friends.
You can protect yourself from purchasing a flooded vehicle by being a diligent consumer. If you suspect a car or truck has been water damaged just walk away from the deal.
Many people may not realize they have bought a flooded car until they take it to get insured. They then find out that their agent can't even issue them an insurance rate quote because of the salvage title on the vehicle. Since used cars are usually sold "as is" there is very little recourse the buyer has at this point other than to try and get the vehicle road-worthy and go through a length inspection process with the state motor vehicle bureau that is required for a vehicle with a salvaged title.
So how can you protect yourself from buying such a car? One of the easiest ways is to obtain a vehicle history report from a firm like CARFAX which tracks flooded vehicles and other types of damage. You can also do some detective work yourself on the vehicle if you have doubts. Look inside the engine compartment and see if there are any tell-tale water mark signs that might indicate high water levels. Next, check under carpeting to see if there is mold or any presence of water staining. Finally, inspect the electrical system thoroughly. This is where most water problems show up first as electricity and water are not exactly the best of friends.
You can protect yourself from purchasing a flooded vehicle by being a diligent consumer. If you suspect a car or truck has been water damaged just walk away from the deal.
Buildings Insurance and the Threat of Flood
What is the impact of increased flooding risk in the UK? What happens if your home becomes effected by flood?
Flood is an increased problem in the UK. Buildings insurance companies are concerned about the rising risk of flood. Claims to settle flooded properties are by nature quite expensive. Flood also tends to be a recurring threat at properties which means that once effected a home could suffer more than one flood in a short period of time.
This makes accepting flood risk properties difficult for UK insurance companies as there is almost an inevitability that the property will once again face flood damage.
The general rule amongst house insurance companies is that if a building suffers flood, the present insurer will continue to cover it at renewal of the policy. However you will be unable to switch insurer at this stage. Whilst this may mean you are stuck with a limited choice of insurers willing to cover the property, at least you are offered protection.
If you move into a property that is liable to flooding, you should investigate who previously insured the home. this might be your only chance of getting proper buildings cover for the property.
There are some flood specialists on the market who may be able to offer cover. Yourhomeinsurance.co.uk, a site dedicated to house insurance in the UK does not accept flood risk properties.
Flood is an increased problem in the UK. Buildings insurance companies are concerned about the rising risk of flood. Claims to settle flooded properties are by nature quite expensive. Flood also tends to be a recurring threat at properties which means that once effected a home could suffer more than one flood in a short period of time.
This makes accepting flood risk properties difficult for UK insurance companies as there is almost an inevitability that the property will once again face flood damage.
The general rule amongst house insurance companies is that if a building suffers flood, the present insurer will continue to cover it at renewal of the policy. However you will be unable to switch insurer at this stage. Whilst this may mean you are stuck with a limited choice of insurers willing to cover the property, at least you are offered protection.
If you move into a property that is liable to flooding, you should investigate who previously insured the home. this might be your only chance of getting proper buildings cover for the property.
There are some flood specialists on the market who may be able to offer cover. Yourhomeinsurance.co.uk, a site dedicated to house insurance in the UK does not accept flood risk properties.
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