Floods are still a major risk for natural disasters in the United States. Statistics show that in 2019 caused total floods $ 3.75 billion in property and crop damage across the country. A non-profit research and technology group recently released a report with flood risk data for more than 142 million homes and properties across the United States. Contrary to FEMA’s classification of 8.7 million properties with significant risk (or within specific flood risk areas), the report identified a total of 14.6 million properties with the same risk level.
We believe that this difference points to a worrying trend: more than 6 million households and property owners may be underestimated or unaware of the extent of their flood risks. Most homeowners’ insurance policies exclude flood protection, which can lead to financial problems during post-disaster reconstruction work. Properties in high-risk areas have a 26% chance of being affected by a flood, which is comparably higher than fire risks.
While high-level investors once bought exclusive flood risk assessments from for-profit agencies, the public now has full access to the same insights through recently available reports as well as computer-savvy brokers. We believe that this development will truly level the playing field for homeowners and business owners looking for the best way to secure flood insurance for their valuable assets.
Ensure the right flood protection for your home or business
Property and business owners should seek a reliable insurance adviser who can recommend the right insurance coverage according to the most transparent and comprehensive methods for assessing flood risk. BNC is a leading insurance broker that can help you navigate the most advantageous solution according to your home or business’ detailed flood risk data.
We believe in using the most innovative tools and information to protect the interests of our customers. In addition, we can advise property owners on all aspects of various flood insurance policies, such as coverage terms.
For home and business owners, there is a lot to keep in mind when deciding on the right flood insurance. Our team can analyze your unique situation and share important considerations when choosing National Flood Insurance Program (NFIP) coverage or protection from a private insurer. Did you know, for example, that NFIP only provides limited coverage for a homeowner’s costs for flood damage to basements and pool equipment, or living expenses in the event of a flood caused by a flood? If this type of protection is important to you, we can discuss the private flood insurance options available to provide homeowners and businesses with this and other insurances at an affordable cost.
New guidance from FEMA points to the importance of flood insurance for homeowners:
- “Even if you live in an area that is not exposed to flooding, it is advisable to have flood insurance. About 40% of NFIP’s claims come from areas with moderate to low risk of flooding. “
- It is a “Myth” that federal disaster relief will pay for flood insurance. The fact is that “a federal disaster declaration must be declared before a community is eligible for federal disaster relief. This happens in less than 50% of flood incidents. “
BNC also offers alternative policies that provide coverage for primary structures, belongings and annexed buildings such as detached garages. While NFIP and private flood insurance companies charge premiums according to flood zones, private insurance coverage can draw on more accurate data than FEMA does. In addition, private flood insurance can offer greater coverage limits than government-issued NFIP insurance, making them an ideal choice for high-value properties.
We strive to help you achieve maximum flood insurance coverage for your valuable properties to give you peace of mind year-round. Talk to one of our dedicated team members to discuss these findings and learn how to secure the right flood insurance without delay.
Click below to access our comparative flood insurance assessor who gives you price indications from up to five private flood companies in ten minutes or less. (Use password CXPYRL).
For more information, visit our website at www.bncagency.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms and exceptions to the policies referred to, (b) are provided for general information purposes only and (c) shall not be construed as a substitute for legal , regulatory or other advice on a particular issue or for any particular reason. Advice from a professional should always be sought before purchasing any insurance product or service, and you should not rely on the information herein to prevent or reduce risks or as a complete and complete explanation of coverage under any insurance. Although the information herein has been compiled from sources deemed reliable, no warranty, guarantee or representation, whether express or implied, is given as to the accuracy or sufficiency of any representation contained herein. © Acrisure, LLC. All rights reserved.
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