Did you know most homeowners’ policies do not cover flood damage?
The Andrew Agency specializes in flood insurance and we’re dedicated to providing you options to meet your unique needs. Not every flood comes from tidal surges or raging rivers. Increased development, clogging or insufficient storm drains, and excessive rain, ice, or snow contribute to unexpected flooding.
Why Do I Need Flood Insurance?
FACT: Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. Floods cost America, on average, $8.2 billion each year (according to 2015 data). Recovering from just one inch of water inside your building can cost about $27,000. Learn about The BIG Cost of Floods.
FACT: Homeowners and renters insurance do not typically cover flood damage.
FACT: Floods can happen anywhere–More than 20 percent of flood claims come from properties outside the high-risk flood zone.
FACT: Flood insurance can be paid regardless of whether or not there is a Presidential Disaster Declaration.
FACT: Most federal disaster assistance comes in the form of low-interest disaster loans from the U.S. Small Business Administration (SBA), which you have to repay. FEMA offers disaster grants that don’t need to be paid back, but this amount is often much less than needed to recover. A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA–and you don’t have to pay the money back.
FACT: You may be required to have flood insurance. Congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding. But even if your property is not in a high-risk flood area, your mortgage lender may still require you to have flood insurance.
