06 Sep NC Insurance: Who Needs Flood Insurance?

In 1968, Congress created the National Flood Insurance Program (NFIP) in order to enable homeowners, renters and business owners to purchase insurance coverage in the event of a flood. It is believed by some that a homeowners’ insurance policy will offer coverage of flood damage, however that is an incorrect assumption. For protection against flood damage, a flood insurance policy is needed. NC insurance coverage for a flood is a special policy backed by the Federal Government (NFIP) along with local communities and private insurance companies. 

Flooding can happen anywhere and at anytime, but certain areas are considered more prone to serious flooding. Often times, if a home is located in a moderate- to high-risk flood zone, then homeowner’s are required to purchase a flood insurance policy (lenders require it before giving you a mortgage). However, considering it is a relatively inexpensive cost, should everyone contemplate purchasing flood insurance coverage?

The following are some statistics from the National Flood Insurance Program that might have those in low-risk flood zones reconsider writing off flood insurance as insignificant.

– Almost 25% of all flood insurance claims come from those living in low to moderate-risk flood zones.
– The average flood claim has been more than $33,000 for the past 10 years.
– Floods have a 26% chance of affecting and damaging your home as compared to the 9% chance of a home fire.
– Just an inch of water can cause costly damage to your property and valuables.
– If you live in a low- to moderate-risk area, a preferred risk flood insurance policy could cost you as little as $129 a year!

Still questioning your need of NC insurance coverage for a flood? The following NFIP tool to judge the cost of damage might change your mind!

For more information on NC insurance and for a free flood insurance quote visit our website or call us today at 877-318-5951.