National Flood Insurance Program – FEMA
Instituted by Congress in 1968, the National Flood Insurance Program (NFIP) offers insurance to help facilitate the socio-economic effect of floods. Flood insurance is a distinct policy that can protect buildings and their contents. The NFIP also provides flood insurance to homeowners, lessees, and businesses with insurance coverage that will assist them to recuperate quickly when floodwaters downsize.
The NFIP is a public-private collaboration between the national government, the property and casualty insurance industry, states, local officials, lending institutions, and property owners. It is managed by FEMA, while insurance policies are marketed and serviced by more than 50 insurance corporations and the NFIP Direct.
Why Choose National Flood Insurance Program – FEMA?
1. Most homeowners insurance does not cover flood damage
Only flood insurance covers the expenditure of reconstructing following a flood. When flooding occurs, your National Flood Insurance Program (NFIP) policy reimburses your immediate physical losses to your property structure and possessions. When you have a flood insurance policy, it will help you safeguard the things you treasure a lot.
2. Flooding can happen anywhere at any time
Inadequate drainage designs, summer storms, melting snow, community construction, and broken water mains can all cause destructive flooding. In high-risk areas, there is at least a one-in-four chance of flooding during a 30-year mortgage.
3. Flooding can happen to anyone
According to the statistics, from 2014 to 2018, policyholders outside the high-risk flood areas filed over 40 percent of all NFIP flood insurance claims and required one-third of federal disaster help for the damages from flooding.
Whether you reside inside or outside of the high-risk flood area, if you own a property you should think about purchasing flood insurance.
4. Federal disaster assistance is not always available
Federal disaster aid is only made functional when there is a national disaster proclamation. And, most flood events do not result in a presidential declaration. Disaster assistance generally comes in the form of loans that must be paid with interest.
With flood insurance, it does not have to be repaid and it is created to repair your property to its pre-disaster condition. There is no better way to protect the life you’ve built than with NFIP flood insurance.
5. Knowing you can recover brings peace of mind.
No home is totally secure from potential flooding. When just one inch of water in a home can cost more than $25,000 in damage, your flood insurance with NFIP can be the distinction between retrieval and financial devastation.
Types of Flood Insurance
The NFIP has teamed with more than 50 insurance companies and thousands of independent brokers across the country to deliver the same reasonable NFIP rates and critical insurance coverages.
1. Homeowner’s Insurance:
If you own your property– including condominiums and townhouses – the NFIP offers flood insurance policies to cover your home’s structure and belongings.
- What’s covered: Your foundation, electrical and plumbing, finishings, appliances, electronics, personal belongings, and more.
- Coverage limits: $250,000 for the building and $100,000 for the building contents. These are typically purchased separately with separate deductibles.
2. Business Owner’s Insurance:
If you’re a business owner, the NFIP offers commercial flood insurance policies to help protect your business’s structure and equipment.
- What’s covered: Your foundation, electrical and plumbing, finishings, equipment, furniture, inventory, and more.
- Coverage limits: $500,000 for the building and $500,000 for the building contents. These are typically purchased separately with separate deductibles.
3. Renter’s Insurance:
If you’re a renter, the NFIP offers affordable, renters flood insurance to protect the things you care about in the event of a flood. Ask your landlord to be sure he/she has coverage for your building.
- What’s covered: Your furniture, clothes, television, computers, rugs, artwork, and more.
- Coverage limits: $100,000 for contents-only coverage. Starting policy costs: $99/year
Why Choose John Perry as National Insurance Program Broker?
For more than two decades, John Perry Insurance has been administering businesses and individuals like you to settle with insurance policies that are ideal for your conditions. Our friendly team is considerate and ensures that the procedure goes as brief and uncomplicated as possible.
Being an independent agency, we have access to multiple insurance carriers. We will quote and compare your information with each company in order to give you the best possible rate. We offer personal and business insurance in Bonita Springs, Cape Coral, Clewiston, Fort Myers, Labelle, and Okeechobee, FL.
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Call John Perry Insurance for a free consultation and personal insurance quote today.