One of the most important pieces of an insurance portfolio is one of the insurance policies most people don’t think about: flood insurance. Particularly in drought-stricken areas flood may not seem to be a concern but floods can happen nearly anywhere at any time – even if it isn’t raining.
The Definition of Flood
The National Flood Insurance Program (NFIP) defines a flood as “a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.” This is a broad interpretation that excludes damage to your kitchen from your sink overflowing, but will include damage to your business if the one next door is also flooded.
Are You At Risk For Floods?
Heavy rainfall, major weather events (hurricanes, El Niño) and clogged drainage systems can cause flooding. Even if you aren’t in an area where rainfall is occurring, runoff from those areas can cause a flood.
If your area hasn’t experienced a flood in the past, it may still experience one in the future. Changes in natural topography, weather patterns, and even new construction in your area may induce flooding under the right circumstances.
Flood Insurance Is For You
You don’t have to live in a high risk flood zone to purchase flood insurance. While many areas of the country are less prone to flooding, they are still mapped and rated by Federal Emergency Management Agency (FEMA). Lower risk areas typically have lower flood insurance premiums, but aren’t necessarily immune to flooding.
Hayes Brokers is a direct broker with FEMA and NFIP to provide flood insurance for homes, businesses and commercial properties across the country. Because NFIP limits allow for only $250,000 building coverage for homes and $500,000 for businesses, Hayes has access to several excess flood insurance carriers who can insure your home or business to value.
Call Hayes Brokers today to secure this valuable coverage for your home or business.