Tom's Blog
When you think of flooding, you may not think of North Carolina as a high-risk state, but flooding can happen anywhere in a matter of minutes. According to the National Flood Insurance Program (NFIP), more than 20% of flood claims occur in low to moderate risk areas, so while you may think your home is adequately protected with your current N.C. homeowners insurance policy, will you have any protection should your home suffer flood damage? Knowing some basic facts surrounding flood insurance can help protect your home, which may be your biggest investment.
Flooding is Excluded Under Your N.C. Homeowners Insurance Policy
Many people think that if flooding occurs, resulting in damage to their home, their homeowners insurance will provide coverage, but this is NOT TRUE! In order to protect your home, you would need to purchase a separate flood insurance policy. Paramount Insurance Agency is an approved provider of the National Flood Insurance Program and can provide this protection for your home at a nominal cost. In fact, flood insurance can cost as little as $129/year. Our independent insurance agency can get you a quote for a N.C. flood insurance policy TODAY.
Flooding Doesn’t Discriminate
While it may be a perceived perception that floods only occur in certain high-risk areas, the truth is flooding can occur most anywhere. Severe thunderstorms or hurricanes can drop a large amount of rain in a very short period causing thousands of dollars of damage to your home. Sadly, if you don’t have a separate flood insurance policy, the damages caused from flooding can drain your wallet quickly!
According to the National Flood Insurance Program, a 2000 square foot home would endure the following amounts of damage per number of inches of water in your home:
- 1″-$20,920
- 3″– $22,590
- 6″-$39,150
- 12″-$52,220
Now that you have a visual of how extensive flood damages can be, it may be wise to consider purchasing a N.C. flood insurance policy right away. In exchange for a small fee per year for flood insurance, it may save tens of thousands of dollars in the long run.
Be Prepared Before Flooding Occurs
One very important fact to know is there is a 30-day waiting period before your flood insurance kicks in. What this means is if there is a threat of a severe thunderstorm or hurricane, you can’t run out and purchase a flood insurance policy. You must plan ahead of time and have the flood insurance policy in effect for the protection your home deserves. Be prepared TODAY for what may happen in the future.
Flood insurance is available to homeowners, business owners, or renters and the rates vary depending on many factors such as age and location of the building, materials used in the construction, number of floors and contents of the building. Call us TODAY to discuss any questions you may have regarding N.C. flood insurance. Our independent insurance agency can provide a quote today, so you can get the protection you need at a budget you can afford.
