30 Mar Flood Insurance: Yes or No?
Anywhere it rains, it has the potential to flood. Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, but several factors come into play. According to the National Flood Insurance Program, everyone lives in a flood zone. So what does this mean for your insurance? Since everyone lives in a flood zone, it is best to protect you and your family. Floods can greatly damage your home and property. Flood coverage offers protection against losses that may result from heavy and long-lasting rain falls, storm surges, blocked storm drainage systems, snow melts; etc. Spivey Insurance Group offers two different types of flood insurance policies:
Standard Flood Insurance Policies -If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by a standard flood insurance policy. This type of policy is mostly for high-risk areas.
Preferred Risk Flood Insurance Policies – If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. In low to moderate risk areas you are not required to purchase flood insurance, but remember weather is often unpredictable.