Hurricane Season and Flood Insurance
Hurricane season is upon us. That means there is a higher probability that it is going to rain, more than usual here in Florida. Since there is a chance for flooding anywhere that sees rain, this is a good time to think about buying flood insurance, even if your lender did not require you to purchase a flood policy. The good news is that if your lender did not require you to purchase flood insurance there is a great chance that the cost of a flood insurance policy will not break the bank. Most people are not aware or don’t think about the fact that a flood loss is not covered by your homeowner’s insurance policy. The lack of Flood Insurance is one of the biggest holes in insurance protection that people fail to plan for.
Out of all of the weather related hazards in the US, floods are one of the most common. In Florida, floods can affect any part of the state at any time. There can be localized flooding that impact just a few streets or extremely large floods that affect a city, multiple cities or even the entire state. 20% of all flood claims are made by home owners that are not in an area where lenders require a flood insurance policy. Imagine what that number would be if more people actually had purchased a Flood insurance policy!
With it being hurricane season, here is why it is important to rethink your decision against protecting your home with a flood insurance policy. Most people think that Flood Insurance is too expensive or that they don’t need a flood insurance policy because their lender did not force them to purchase a flood policy. One thing to keep in mind is the fact that when purchasing a policy from the NFIP through your independent insurance agency, there is a 30 day waiting period for the policy to go into effect (unless the purchase of the flood insurance policy is to coincide with the closing of a mortgage loan). Seaman’s Insurance Group not only has access to the NFIP but also has access to private insurance policies that have a waiting period of about half that time.
Why is this important? We need to think ahead.
Our phones here at Seaman’s Insurance Group start ringing off the hook with clients asking for flood insurance when a named storm starts heading in our direction. At this point it is already too late to get coverage in place before the pending deluge hits our area. The perfect time to reach out to your insurance agent to talk about your flood coverage needs, since yesterday has already passed, is now, as in right this moment. Whether you are reading this after normal business hours, on the weekend, or on a national holiday, call, text, email or private message your favorite boutique independent insurance agency to let your agent know you want to discuss this very important policy.
We here at Seaman’s Insurance Group have planned a series of blog posts to help you prepare for hurricane season. Stay tuned, there is a lot of great information coming your way.
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