|
FLOOD INSURANCE BUYERS GUIDE
|
Floods and flash floods can occur anytime, anywhere. What's your best defense against devastating financial loss? Be prepared! Take a moment now to learn about your risks, resources and responsibilities.
Who Needs Flood Insurance? (The Wall Street Journal)
Flood is an excluded peril on all homeowner policies. Homeowner insurance does provide coverage against many forms of water damage but it does not provide any coverage for “flood”. For your interest, “flood” is defined by FEMA as …
"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 the policyholder's property) from:
Overflow of inland or tidal waters; or Unusual and rapid accumulation or runoff of surface waters from any source; or Mudflow; or Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above."
What is covered? In the basement level, the Federal Flood Insurance Program (NFIP) provides coverage for foundation elements, including posts, pilings, piers, or other support systems. Also included is certain mechanical equipment necessary for the habitability of the building, such as furnaces, hot water heaters, air conditioners, heat pumps, electrical junctions, and circuit breaker boxes. Finished floors, walls and contents are not covered in the basements that are located below grade, but are covered in levels above ground.
Primary flood Insurance is regulated by FEMA for qualified communities. Limits can be purchased up to $250,000 in building coverage and $100,000 in contents coverage on a primary flood policy via NFIP. For many homes in the Westchester area the annual premium for a flood policy with these coverage limits would be about $388. Coastal and high risk homes will cost much more. Excess flood insurance may also be available. Excess Flood products are designed to bridge the gap between FEMA’s max coverage allowance and the actual replacement value of the home. Excess Flood insurance is available in the private sector and pricing can vary
|
|
FEMA’s National Flood Insurance Program:
A Complete Guide To FEMA's NFIP Policy
Learn How Flooding Can Impact A Wide Array of Neighborhoods
Map Your Home's Flood Risk
Privatized Flood Insurance Alternatives
The truth is that FEMA’s NFIP policy in not sufficient for many of the fine homes in our area. Homes with extensive interior upgrades such as wine cellars, home entertainment systems and elaborate finished basements require more coverage than FEMA provides. Companies like Chubb, Fireman’s Fund and AIG’s Private Client Group have responded with their own privatized flood insurance alternatives. These products provide broader coverage, higher policy limits and superior claims services. Equally impressive is that the costs of these products are not much more than those charged by FEMA. To qualify, the applicant must also place their homeowners insurance with the company concurrently.
Product Highlights …
Includes a Broader Definition of a covered Flood
Limits above FEMA’s max ($250,000 building & $100,000 contents) are available
Includes Coverage For Finished Basements & other structures
Seamless claims handling by packaging your homeowners and flood insurance on a single policy
No need to pay out of pocket for repairs up front and seek reimbursement later. These products will respond immediately.
Company Product Guides …
Chubb Flood - Fireman’s Fund Flood - AIG’s Private Client Group Flood
|
|
