With the recent devastation caused by Hurricane Helene, we thought it IMPERATIVE to stress the importance of carrying FLOOD insurance, even though it may NOT be required.
According to the NAIC (National Association of Insurance Commissioners), flooding is the most frequent and expensive natural disaster in the US, but FLOOD insurance IS NOT typically covered under most insurance policies.
Roughly 20% of the National FLOOD insurance Program’s (NFIP) claims come from areas that are not considered to be at a high risk for FLOOD. We have just seen this play out in real life with one of Helene’s hardest hit areas being the mountains of North Carolina, specifically Asheville and surrounding towns.
FLOOD insurance is available to everyone, whether you or your business is in a high-risk area where FLOOD insurance is mandatory, or a moderate/low risk area where coverage is voluntary.
FLOOD insurance is not specific to building owners (homeowners and business owners).
Those who rent a house, apartment, or a business location, have a risk of loss from FLOOD. Contents coverage is available to those who do not own the building they occupy, as their home or their business.
FEMA (Federal Emergency Management Agency) FLOOD map service allows you to determine your FLOOD risk. There are 3 risk levels:
- High-Risk – areas with at least a 1% chance of flooding each year. Homes with mortgages from federally regulated or insured lenders will be required to buy FLOOD insurance.
- Moderate/Low-Risk – areas with less than a 1% chance of flooding each year but still a possibility. FLOOD coverage isn’t required in these areas, but it is still recommended.
- Undetermined Risk – areas where flood-hazard analysis has not been conducted, but risk could still exist.
Here is the link to FEMA’s FLOOD map, FEMA Flood Map Service Center | Search By Address or, you can contact your account manager to assist in determining your risk.
The NAIC website is a good source of information on FLOOD insurance with frequently asked questions and other beneficial information, Flood Insurance (naic.org).
Please contact us for more information, to ask questions, and receive a no-obligation FLOOD quote.
We are honored you have placed your trust in us to manage your insurance program – a responsibility we will never take lightly.
