Info on Hurricanes and Flood Insurance

You hear it constantly. The repetitive influx of “buy flood insurance now” and “talk to your agent today about your current flood policy.”  You may shrug off these warnings, especially if you live in an area that is labeled as low-to-moderate for flood risk.  However, what you may not know is that according to the Federal Emergency Management Agency (FEMA), almost 25% of all flood-related insurance claims come out of these types of areas.

As hurricane season hits hardest during August and September, we at Soucy Insurance want you to be as informed as possible. Below we provide some basic information about flood insurance:

Terms of a Flood Insurance Policy:

• Property and contents coverage must be purchased separately.
  • Property: If you are insuring a single-family home as your primary residence, you may have the option to choose replacement cost coverage – the cost to replace the damaged or lost property with new property.  This disregards depreciation
  • Contents: Flood insurance pays cash value, or the cost to replace the damaged or lost property based on its actual depreciated value.

• You must wait 30 days after you first purchase a policy in order for it to take effect.
• The water must have come from outside your home. If something breaks within the home and it leads to unfortunate flooding, your flood policy will not cover the damages.  However, it should be covered through your homeowners insurance.

Why You Should Purchase Flood Insurance:

• It is quick and easy to assess your flood risk.
• Your homeowners insurance will not cover the damages done by a flood.
• Low-risk doesn’t mean no risk, so being “too prepared” is not a bad thing, as many victims from Hurricane Sandy learned the hard way.
• Just because you may live in a low-risk area does not mean the area close to you is low-risk as well.  Many flood maps are also slightly inaccurate and may not show you that high-risk areas are close by.
• In addition to damage from hurricanes, a flood policy will also protect you from losses from other causes (i.e./ heavy or prolonged rainstorms, snow melt, and clogged storm drainage systems).
• The rates are typically inexpensive, and are much less costly than the damages brought on by floods.

Though many may not think that adding a flood insurance policy is vital to protecting their home, those who have decided to would say otherwise.  Soucy Insurance has been keeping homes and families safe for 100 years, and we strive to make certain that each of our policyholders understand that we have their best interest at heart.

Call us today at (401) 762-2218 to talk to your agent about adding flood insurance to your current policy.  The consultation is free, and we can ensure that the benefits are well worth the time.