Most homeowners insurance does not cover flood damage. If you live in a community that participates in the National Flood Insurance Program (NFIP), you are eligible for flood insurance - whether or not you live in a high-risk flood zone. The NFIP is a federal program enabling property owners in participating communities to purchase insurance as protection against flood losses in exchange for State and community floodplain management regulations that reduce future flood damages. Flood insurance compensates you for all covered flood-related losses to your home or business after your deductible is met. So without further ado, begin the drum-roll and we'll give you… The Top 10 Reasons to Buy Flood Insurance Now:
- Buy now because spring flooding is almost here and there is a 30-day waiting period before coverage begins.
- Coverage is relatively inexpensive with an annual average premium of $800 in New England.
- You can depend on being reimbursed for flood damages because NFIP flood insurance is backed by the federal government, even if the President does not declare a federal disaster.
- You do not have to repay flood insurance benefits, and your premium will not go up because you make a claim.
- You become eligible for additional benefits to elevate, strengthen or move your building.
- Renters can purchase flood insurance contents coverage for their personal belongings or business inventory.
- Basement coverage includes cleanup expense and items such as furnaces, water heaters, washers, dryers, air conditioners, freezers, utility connections, and pumps.
- You can request a partial payment immediately after the flood, which can help you recover even faster.
- Buying flood insurance is the best thing you can do to protect your home and business, and your family's financial security from a flood.
- Be FloodSmart! Buy now because there's a 30-day waiting period before coverage begins. To contact a flood insurance agent serving your area, check out: www.floodsmart.gov.
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