![]() The only requirement is that the property is located in a “participating community.” This could be a township, municipality, city or county that has agreed to participate in the NFIP. Property owners are often mislead into believing that flood insurance is only available for properties that are located in a special flood hazard area or “flood zone.” Unfortunately, this myth has caused many property owners to suffer from uninsured flood losses that could have been easily covered. The NFIP reports that floods happen in all 50 states and that floods are the second most common cause of property damage behind fire. According to the National Flood Insurance Program (NFIP), 31 percent of the properties damaged by floods are located outside of a special flood hazard area as designated by FEMA. Floods also result as a side effect of development- such as road construction or a new housing community- that alter storm water drainage patterns.įlood insurance is not just for people living or working on the coast. Floods also commonly result from snow melt. That same policy will not cover losses caused by water that accumulates as a result of the overflow of a body of water or runoff of surface water.įloods often result from torrential rainstorms and hurricanes. Think your home, condo or business insurance policy covers flood? Think again!Ī standard home insurance policy will cover losses caused by water that accumulates in the home resulting from the accidental discharge of a system of appliance, such as a broken hose or valve.
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