Wieben Insurance Services - Flood Insurance

Flood....

They happen anytime, anywhere, even in the same place twice. A prior year's occurrence does not reduce your risk of flood. Floods have become the leading cause of property damage from natural disasters, with more property destroyed by flood than by fire. Estimates for flood damage have risen to over $4 billion each year.

"IT WON'T HAPPEN TO ME."
FACT: You don't have to live by water to be at risk. Over one-third of all flood claims occur in low-risk areas. Yet, over 7 million structures requiring flood insurance are still unprotected.

"MY HOMEOWNERS OR BUSINESS INSURANCE COVERS FLOOD."
FACT: Homeowners insurance does not cover flood damage, and neither will your commercial property policy. Federal flood insurance does. Flood insurance also covers mudflow, or dirt and debris resulting from moving water.

"I DON'T NEED FLOOD INSURANCE."
FACT: Property owners with mortgaged property in a Special Flood Hazard Area(SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.

"THE GOVERNMENT WILL PAY."
FACT: To receive federal disaster assistance, a flood must first be declared a "federal disaster" by the U.S. President. Typically, only 10% of flood disasters qualify. Uninsured property owners who have received previous federal disaster assistance may not even qualify. Remember, some federal assistance is only a loan - repayable with interest!

"FLOOD INSURANCE IS EXPENSIVE."
FACT: Flood insurance is affordable. Flood damage is not. The average loss of property and contents during recent flood disasters was $20,000. Compare this to the average annual flood premium of $130 for low-risk areas, and $500 for high-risk areas.

"FLOOD INSURANCE COVERS CONTENTS."
FACT: Standard flood coverage does not cover the contents of your home or commercial building unless it is endorsed on.

"I CAN BUY FLOOD INSURANCE ANYTIME."
FACT: There is a 30-day waiting period for flood insurance unless you are securing a new mortgage.