If not, additional information can be obtained directly from the National Flood Insurance Program by calling 1-888-CALL-FLOOD. Your homeowner's insurance agent most likely can provide you with all the information you need and answer any questions you have. This makes it easier for you to write and sell flood insurance. Rates are easier to understand and better reflect a propertys flood risk. Property owners living in lower risk areas may qualify for a "preferred risk" policy which provides the same coverage's at substantially lower rates. NFIP has changed the way it determines flood risk and prices flood insurance. The coverage limit for renter contents is $100,000. The maximum coverage limits under a standard flood policy are $250,000 for a single family home structure ($500,000 for businesses) and $100,000 for single-family home contents (500,000 for businesses). clothing, shoes, accessories, jewelry, etc.Īdded coverages may be available for dislocation expenses such as rent, hotel stays, meals, etc.wall to wall carpeting, tile and other flooring surfaces.household appliances/utilities damaged by floodwater.structural damage (walls, ceilings, floors, stairways, etc.).you have received a federal grant for previous flood losses and you wish to qualify for future aid.you have a federally backed mortgage on a home in a high risk area.your property resides in a Special Flood Hazard Area.Most often, when government aid is available, it comes in the form of an interest bearing loan.Flood insurance is mandatory if: Declarations require rather widespread damage. Less than half of flooding events are "declared disasters". It is offered only when the President makes an official disaster declaration. But, government assistance is not available automatically. Some limited relief might be obtainable through government aid. Without flood insurance, losses must be covered out of pocket. sometimes much more.īecause Palm Beach County participates in the National Flood Insurance Program, all county residents qualify to apply for NFIP flood insurance. Damages associated with floods can easily total $25,000 or more. Homeowners insurance may cover fire and wind damage, but virtually never covers damage from flooding.nature's most common natural disaster. Even if you are not required to have flood insurance, serious consideration should be given to purchasing it anyway. As we have stated earlier, flooding can occur anywhere, anytime.
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