For Ohio residents, flooding is quite common in the low-lying areas of the state, especially areas near the rivers. In particular, Columbus has a moderate risk of flooding over the next 30 years, potentially impacting residents and their homes. Depending on your level of risk, your need for flood insurance could be significant. Homeowners insurance doesn’t cover flooding, so you need to purchase separate flood insurance to protect your home, property and belongings.
Is Flood Assistance Available?
Federal disaster assistance is only available if the U.S. president formally declares a disaster. However, even if you receive disaster assistance, it’s a loan that you must repay with interest—and this loan may be in addition to your existing mortgage loan.
If you live in a community that participates in the National Flood Insurance Program (NFIP), you might be able to purchase an NFIP plan. The NFIP underwrites most flood insurance, usually through an insurance company or the NFIP Direct system.
What Coverage Is Available?
A flood insurance policy can protect your home and also may cover:
Two types of coverage are available: structure insurance, which protects your house, and contents coverage, which insures your belongings. Coverage may also be available for debris removal, loss avoidance and cost of compliance. The Reidel Insurance Agency can help determine the best flood coverage for your home, property and belongings.
Flood insurance doesn’t usually take effect until 30 days after purchasing a policy. Sometimes a lender may require that you have flood insurance to make, increase, extend or renew your loan; with these requirements, there isn’t a waiting period.
Protection You Need
The Reidel Insurance Agency can help you with flood coverage that meets your needs and budget. Call us today at 877-954-6787 to get started on your flood insurance policy.
|