Flood Insurance Facts

3/25/2016 (Permalink)

The following was taken directly from: http://www.weathersafety.ohio.gov/FloodInsuranceInfo_SprSum.aspx

"Since standard homeowners insurance does not cover flooding, it is important to have protection from the floods associated with heavy rains, rapid snow melt, (residual) hurricanes, and other conditions that impact Ohio and the country.

In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP allows homeowners, renters and business owners to purchase flood insurance through private property and casualty insurance agents. In order to qualify for flood insurance, the home or business must be in a community that has joined the NFIP and has agreed to enforce sound floodplain management standards.

If you are interested in obtaining flood insurance, visit FloodSmart.gov. At this site, you will be able to find a local agent, learn additional flood facts, assess your flood risk, and find information on filing a claim.

Flood Insurance Facts

• Losses caused by flooding are not covered by homeowners or renters insurance. Coverage is available through a separate flood insurance policy, the National Flood Insurance Program, which is administered by the Department of Homeland Security's Federal Emergency Management Agency (FEMA).
• Flood coverage is available for any building located in a community that has qualified for the NFIP. Buildings do not have to be located in a floodplain to be eligible for flood insurance.
• Most Ohio communities qualify for the NFIP. According to FEMA, approximately 280,000 structures are located in Ohio's mapped floodplain areas with a value of $11 billion. About 10 percent of these structures are protected by flood insurance. Click here to view a list of Ohio communities participating in the National Flood Insurance Program.
• As of November 2015, the average flood insurance premium in Ohio is $908 annually, compared to $695, nationally. The average flood insurance premium for states within FEMA Region V is $918. Region V states: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.
• Licensed property/casualty insurance agents or brokers can sell flood insurance. To request an agent referral, contact: 1-888-379-9531.
• Flood damage to vehicles is covered by auto insurance when comprehensive coverage is purchased."

Continue reading: http://www.weathersafety.ohio.gov/FloodInsuranceInfo_SprSum.aspx

SERVPRO of Beachwood 216-464-4498 is here to help!