Ashland Insurance

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Flood insurance coverage

Flood insurance coverage

Floods can happen anywhere — just one inch of floodwater can cause up to $25,000 in damage. Most homeowners insurance does not cover flood damage. Flood insurance is a separate policy that can cover buildings, the contents in a building, or both, so it is important to protect your most important financial assets — your home, your business, your possessions.

The NFIP provides flood insurance to property owners, renters and businesses, and having this coverage helps them recover faster when floodwaters recede. The NFIP works with communities required to adopt and enforce floodplain management regulations that help mitigate flooding effects.

Flood insurance is available to anyone living in one of the 23,000 participating NFIP communities. Homes and businesses in high-risk flood areas with mortgages from government-backed lenders are required to have flood insurance.

 

Why you need flood insurance coverage?

  • Your homeowner’s policy does not cover flood. Flood is specifically excluded
  • Flooding can happen anywhere at any time. Poor drainage systems, summer storms, melting snow, neighborhood construction, and broken water mains can all result in flooding.
  • Even though flood insurance isn’t required for your property, flooding can happen to anyone. In fact, from 2014 to 2018, policyholders outside of high-risk flood areas filed over 40 percent of all NFIP flood insurance claims and required one-third of federal disaster assistance for flooding. Property owners in the moderate- to low-risk flood areas are eligible for lower-cost Preferred Risk Policies (PRPs). The PRP provides the same building and contents coverage at a more affordable price.
  • If you are a renter, it’s likely your landlord has flood insurance that covers the building, but not its contents. Affordable, contents-only flood insurance will help you protect the items inside of your unit in the event of a flood.

 

Types of flood insurance

Whether you’re a homeowner, business owner, or renter, the NFIP offers flood insurance coverage to help you protect the life you’ve built. Work with your insurance agent to learn more about coverage amounts, deductibles, and policy costs.

  • For homeowners: If you own your home – including condominiums and townhouses – the NFIP offers flood insurance policies to cover your home’s structure and belongings.
    • What’s covered: Your foundation, electrical and plumbing, finishings, appliances, electronics, personal belongings, and more.
    • Coverage limits: $250,000 for the building and $100,000 for the building contents. These are typically purchased separately with separate deductibles.
    • Live outside of the high-risk flood zone? Ask your agent about discounted flood insurance rates.

 

  • For business owners: If you’re a business owner, the NFIP offers commercial flood insurance policies to help protect your business’s structure and equipment.
    • What’s covered: Your foundation, electrical and plumbing, finishings, equipment, furniture, inventory, and more.
    • Coverage limits: $500,000 for the building and $500,000 for the building contents. These are typically purchased separately with separate deductibles.
    • Live outside of the high-risk flood zone? Ask your agent about discounted flood insurance rates.

 

  • For renters: If you’re a renter, the NFIP offers affordable, renters flood insurance to protect the things you care about in the event of a flood. Ask your landlord to be sure he/she has coverage for your building.
    • What’s covered: Your furniture, clothes, television, computers, rugs, artwork, and more.
    • Coverage limits: $100,000 for contents-only coverage. Starting policy costs: $99/year
    • Live outside of the high-risk flood zone? Ask your agent about discounted flood insurance rates.

 

How to Purchase Flood Insurance

To purchase flood insurance, call us at 541-482-0831 or request a quote online and an agent will be in touch with you. Make sure to plan ahead as there is typically a 30-day waiting period for an NFIP policy to go into effect, unless the coverage is mandated it is purchased as required by a federally backed lender or is related to a community flood map change.

No home is completely safe from potential flooding. When just one inch of water in a home can cost more than $25,000 in damage, flood insurance can be the difference between recovery and financial devastation.

 

You can contact us to review your policy, get a new quote or discuss available discounts by calling us at 541-482-0831 or request a quote online.

 

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