FLOOD INSURANCE - Good rainy day topic

[HiramInsAgency]

Watching the rain fall, and hearing of some minor flooding in the area brings up a few questions on flood insurance.

 

One big misnomer is that you can only buy it if you are in a flood plain. That is no longer true. ANY home in a participating community may purchase flood coverage. Paulding, Cobb, and Douglas counties are all participating communities.

 

The second question is "what can be covered?" The coverage is much more restrictive than your homeowner policy. You can cover the structure up to a maximum of $250,000 replacement cost, and contents only up to $100,000 actual cash value (no replacement cost option is available). This link to a FEMA site explains it in better detail, and also gives access to other questions. Floodsmart.gov - Coverage Questions

 

The third big question is "how much does it cost?" That one is a bit more complicated, but in general, if you qualify for "preferred" rates, it is very inexpensive for the coverage provided. A maximum limit "preferred" policy can be as low as $388 for a year. Obviously, the final rate will be determined by many factors including location on the flood plain, claims history, coverage options, and structure type.

 

The next question is "who do I talk to?" The answer is: GIVE ME A CALL!

[FreeBird]

HIA - thank you for the informative post. One other topic that might be of interest to PCOM readers is what items in an normal homeowner's policy are not covered with regards to all water related disasters.

[HiramInsAgency]

HIA - thank you for the informative post. One other topic that might be of interest to PCOM readers is what items in an normal homeowner's policy are not covered with regards to all water related disasters.

I'll see what I can do. The actual coverage and exclusions will vary from policy to policy, but there are some good generalities.

[DonBrownJr]

Bump for the evening crowd.