National Flood Insurance Program
Many people already know that flood damage is not covered by their homeowners or business owners insurance policy....but they are often uncertain about how flood insurance works.
Butler & Associates offers flood insurance policies through the National Flood Insurance Program (NFIP).
A few important facts to know:
- www.FloodSmart.gov has lots of information about how the program works
- there's a 30-day waiting period from the date of purchase before a new flood policy goes into effect
- the rates are set by the NFIP and do not differ from company to company
- the rates depend on several factors including your area's level of risk
- you must live in a participating community to be eligible for a policy
- coverage is limited in basements
- the policy covers only flood as it is defined by the NFIP
- One of the resources on the NFIP website is a Summary of Coverage http://www.floodsmart.gov/floodsmart/pdfs/NFIP_Summary_of_Coverage.pdf
Preventing damage that's not covered:
Unfortunately, no insurance can be purchased to cover damage from water that enters your basement due to cracks in the foundation or snowmelt around your foundation.
For help on preventing that kind of damage....check out:http://www.disastersafety.org/
The website contains practical information on preventing damage to your home or business.