Flood Insurance

Flood Insurance

Flood Insurance

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Just a single inch of water from flooding can cause costly damage to your home! Here’s what you need to know about becoming insured against damages caused by a flood.

What Does Flood Insurance Cover?

A standard homeowners policy does not cover damages from flooding. A separate flood policy is needed to covers losses to your property caused by flooding. This includes coverage for:

    • Structural damage

    • Furnace, water heater, and air conditioner damage

      • Flood debris clean up

      • Floor surfaces (carpeting and tile)

You can also purchase a flood insurance policy to cover the contents of your home, such as furniture, collectibles, clothing, jewelry and artwork.

According to the Federal Emergency Management Agency (FEMA), flooding is the nation’s most common natural disaster. Twenty-five percent of flood claims are filed by people living in moderate-to-low risk areas. Floodwaters have the power to damage not only your home and sense of security, but also your financial future. Protect your most important investment using one of our flood insurance options.

Option #1:

Hope that you’ll receive federal disaster assistance if a flood hits.

Many people wrongly believe that the U.S. government will take care of all of their financial needs if they suffer damage caused by flooding. In reality, federal disaster assistance is only available if the president formally declares a disaster. Even if you do get disaster assistance, it’s often a loan you have to repay with interest, in addition to mortgage loans still owed on the damaged property.

Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn’t offered, you’ll have to manage the massive damage costs alone.

The bottom line? If you’re looking for secure protection from financial loss due to flood damage, federal disaster assistance is not the answer. Take charge and be prepared.

Option #2:

Buy flood insurance and stay protected.

When disaster strikes, flood insurance policyholder claims are paid regardless of whether or not a disaster is federally declared. Flood insurance means you’ll be reimbursed for all of your covered losses. Plus, unlike federal aid, it never has to be repaid. There is no need to worry about racking up interest.

As long as your community participates in the National Flood Insurance Program (NFIP), you’re eligible to purchase flood insurance. Midwest Insurance Group, LLC can assist you in determining if your community participates in the NFIP.

As a homeowner, you can insure your home up to $250,000, and its contents up to $100,000. If you’re a renter, you can cover your belongings up to $100,000. As a non-residential property owner, you can insure your building and its contents up to $500,000.

In general, a policy does not take effect until 30 days after you purchase flood insurance. If the weather forecast announces a flood alert for your area and you want to purchase coverage, it may already too late. You will not be insured if you buy a policy a few days before a flood. However, if your lender requires flood insurance in connection with the making, increasing, extending or renewing of your loan, there is no waiting period. 

Not all water losses are considered flood damage.

In order for your losses to be covered under a flood insurance policy, the following definition of a flood must apply:

A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters; and unusual and rapid accumulation.