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Flood insurance covers the direct physical losses caused by floods, flood-related erosion, severe rainstorms, flash floods and mudslides. These types of losses are excluded from property policies such Homeowner policies and Commercial property policies. Flood is defined in the Standard Flood Insurance Policy (SFIP), in part, as: A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from overflow of inland or tidal waters, from unusual and rapid accumulation or runoff of surface waters from any source, or from mudflow.
Enormous damage usually occurs and unfortunately, too many homeowners or business owners find their home or commercial property insurance policies do not cover the damages. The primary way to insure your home or commercial property for flood is by purchasing a flood insurance policy, underwritten by the National Flood Insurance Program. Important note: There is a 30-day waiting period before a flood policy takes effect, so the time to buy is now! According to the FEMA (Federal Emergency Management Agency) Web site, the average cost of a flood policy is slightly more than $300 a year for approximately $100,000 of coverage.
Also, don't let flood be confused with sewer and drain backup. These are very different types of occurrences and require specific insurance coverage. A flood involves rising waters, such as those caused by rain, melting snow, or overflow of a river. Sewer or drain backup, on the other hand, results from water that causes damage to your home or commercial property as a result of a sewer or drain backup. Insuring yourself for this type of catastrophe can be easily done through a Sewer and Drain Backup Endorsement to your home or commercial property insurance policy.
Our agents are ready to help you obtain real flood insurance or to add an endorsement for Sewer and Drain backup to your policy. Contact us for more information or to obtain protection for your home or commercial property.