Each year, more U.S. properties within floodplains are destroyed by flooding than fire. Changing weather patterns, increased urban development, and the leveling of forests have reduced the land's natural ability to absorb water. As flooding becomes a common occurrence, property owners need to face the facts. Flood damage can happen anytime, no matter where you live.
Property owners know that a homeowners policy covers fire damage, but most don't realize that it won't cover flood or mudslide damage. Rising waters and debris can destroy your home, business, and personal belongings within minutes. Most floods don't qualify for federal disaster aid. Only floods that are declared national disasters by the president qualify for federal assistance. This assistance is in the form of a grant averaging less than $2,500, or a federal loan that must be paid back with interest. That's in addition to payments on your existing mortgage loan! Only flood insurance protects your home and your belongings from damage caused by rising water or mudflow.
Flood insurance is available for the value of the structure, minus the land value. Contents coverage is also available, but is optional and must be requested. Even if you have had previous flooding, you can still buy flood insurance. If you’ve received disaster assistance before, you must first obtain flood insurance to be eligible for future federal relief. As more flooding occurs throughout the country, the cost of rebuilding is skyrocketing. Floods now cause more than $2 billion in property damage each year.
Is Flood Insurance Important?
From the PBS Newshour with Jim Leher
Hurricane Katrina Poses Unique Challenge to Insurance Industry
“For the nation's insurance companies, the Aug. 29, 2005 landfall of Hurricane Katrina, and subsequent flooding that caused thousands to flee their homes, is shaping up to be the costliest domestic natural disaster in U.S. history.
Robert Hartwig, chief economist at the Insurance Information Institute, said Hurricane Katrina could force the largest payout of federal flood insurance in history -- in the ballpark of $3 billion, according to a CNN/Money report. But some consumer groups argue insurance companies should not deny policyholders money on the basis that they don't handle flood insurance. "The fact that survivors may have to go to court to fight for their rights at a time like this is shameful," Douglas Heller, executive director of the California-based nonprofit Foundation for Taxpayer and Consumer Rights, said.
Flood insurance is relatively inexpensive -- the average premium is about $400 -- but voluntary, so people don't often purchase it even though it's the largest single cause of damage to homes, said Stewart of the Insurance Information Institute. Insurance agents receive little commission for it and homeowners who live outside flood-prone areas feel little motivation to purchase it. However, Stewart said he hopes one good thing that will come of Hurricane Katrina will be a new motivation for people to buy flood insurance.”
Term Brokers Insurance Services represent the largest Flood insurers in the country. Travelers Insurance, AIG and Fidelity are among the largest and most trusted. Term Brokers, through association with these companies is a participant in the federal government's National Flood Insurance Program. We are fully qualified to help you with adequate and affordable coverage.
Term Brokers Flood Insurance Offers You:
Building Coverage
Covers damage to your dwelling and items such as the furnace and water heater.
Contents Coverage
Covers your furniture, rugs, appliances, and clothing (subject to limitations in basement areas).
Property Protection
Pays for sandbagging and other expenses for preventing flood damage.
Clean-Up Reimbursement.
Covers costs of cleaning your home and removing debris after a flood.
Term Brokers Insurance has a highly trained claim professional staff who are knowledgeable about flood losses and able to provide you with superior claim service. Flood insurance is very affordable, and we offer multiple deductible options that will save you money and give you excellent care free protection.
CALL TODAY! 850-864-2000 to set an appointment or to arrange for a quotation. Or click here to send an email requesting us to give you a call!
Our professional staff can assist by advising you on the best package designed for your Homeowners, Auto, Commercial, Flood, Condominium, Boat, Health, and Life Insurance.
