Important Flood Insurance Questions.

1. What is the cost of the average NFIP flood insurance policy?

According to NFIP, a flood policy can cost as little as $112 a year with the average being $675 a year..
 

2. Who needs flood insurance?

According to FEMA, You don't need to live near water to be flooded. Floods are caused by storms, melting snow, hurricanes, and water backup due to inadequate or overloaded drainage systems, dam or levee failure, etc.
 

3. Is flood damage covered by homeowners policies?

This is one of the most popular and most costly flood insurance misconceptions. Almost all homeowners policies exclude flooding for standard coverage. You can protect your home, business, and belongings with a separate flood insurance policy from the National Flood Insurance Program ( NFIP ) or private carriers. You can insure your home with flood insurance for up to $250,000 for the building and $100,000 for its contents.
 

4. Does a Flood Insurance Policy cover Content ?

Contents coverage is separate, so renters can insure their belongings also. Up to $100,000 contents coverage is available for homeowners and renters. Whether you rent or own your home or business, make sure to ask your insurance agent about contents coverage. It is not automatically included with the building coverage (except under the Preferred Risk Policy).
 

5. Can anyone buy flood insurance?

It does't matter whether your flood risk is high or low. You can buy flood insurance as long as your community participates in the National Flood Insurance Program. And, if your community is not an NFIP participent anyone can get flood insurance from a private carrier. Once again, FEMA says, and they should know, "Everyone lives in a flood zone" and you should be protected.
 

6. What is an NFIP Preferred Risk Policy?

The low-cost Preferred Risk Policy is ideal for homes and businesses in low-to--moderate-risk areas. Homeowners can insure buildings and contents for as little as $112 per year. Business owners can insure building and contents for as little as $500 per year. Residential renters can insure contents for as little as $39 per year.
 

7. Can I buy flood insurance for my business.

Up to $1 million of total flood insurance coverage is available for non-residential buildings and contents. That's $500,000 of coverage on the structure and up to $500,000 of coverage for the contents of non-residential buildings.
 

8. Is it easy to get a flood policy?

Yes! You can buy NFIP flood insurance from private insurance companies and agents. Franklin Flood LLC is one of the premier flood insurance providers in the nation. Call us or use our online tools to request a flood quote for your home or business. You may be able to purchase flood insurance with a credit card.
 

9. Can't I just wait and buy flood insurance when a threat becomes evident?

No, by law, there is 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.
 

10. Is flood insurance really necessary, what about Federal disaster assistance?

Federal disaster assistance is only available if the President declares a region a disaster area and it comes in the form of loans which must be repaid with interest to the federal government. The average flood insurance policy costs as little as $675 a year for about $100,000 of coverage. In comparison, a $50,000 disaster loan can cost you about $240 a month at 4 percent interest over 20 years. It’s just good sense to protect your home and business with flood insurance.

 

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