Floods are the #1 natural hazard in the U.S. occurring in all 50 states. Floods happen in high, medium and low risk flood zones. Nationwide, only 20% of American homes at risk for floods are covered by flood insurance. The National Association of Insurance Commissioners (NAIC) found that 33% of U.S. heads of household still hold the false belief that flood damage is covered by a standard homeowner’s policy.
To rely on Federal Disaster assistance is not the answer. To be eligible for this assistance, the flood must be declared a disaster by the president. Even if you did qualify for federal assistance after a flood, this assistance is often a loan that has to be repaid with interest.
It pays to protect your property with National Flood Insurance. The average premium for National Flood Insurance is $370 a year. Your specific premium will be determined by such factors as where you live, how much coverage you choose, the age, elevation and structure of your home, the building occupancy and the deductible.
To purchase a National Flood Insurance policy, contact NOEL Insurance today for a quote.