Did you know that federal law requires all property owners to have flood insurance? It’s true: the National Flood Insurance Program (NFIP) is a government-run and taxpayer-subsidized insurance program.
What Should I Know About Flood Insurance?
The NFIP was created back in 1968 because private insurers found it unprofitable to provide flood coverage. At that time, there were about 20,000 communities covered by the NFIP. Now, more than 20 years later, that number has blossomed to about 18,000 different communities in all 50 states and five U.S. territories including Puerto Rico!
Why is it important to have flood insurance? In a word: “coverage.” If your home or business is damaged by floodwater, you might wind up with literally no money to rebuild. Depending on where your property is located and how high the floodwaters are, there could be literally nothing–no land, not even a foundation–left of what once was your home.
If that’s not enough to convince you about the importance of having flood insurance, consider this: the NFIP has paid out an average of $1 billion per year in flood claims during the past decade.
Flood insurance rates are based on your property’s risk factor–that is, its specific level of exposure to flooding. If you’d like to learn more about flood insurance and find the lowest rate for your property, click below to contact us for a free consultation!
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