While there is a growing market for private flood insurance, for many, the NFIP continues to be the primary source of asset protection against flooding, the most common and costly natural disaster in the United States. However, as currently structured, the NFIP is not financially sustainable over the long run. For these reasons, NAR supports a strengthened NFIP coupled with a robust private market to offer choices and maintain access to flood insurance in all markets at all times.
While some floods are caused by tropical storms and hurricanes, most occur as a result of thunderstorms, heavy rains, rapid snow melt and breaches of levees or dams. Regardless of how it occurs, even a minor flood can cause major damage. If you meet the following criteria, there is a high change that you will be required to have flood insurance: You have a mortgage from a federally-regulated or insured lender Your business is located in an area defined as having a high flood risk If you're located in a nationally recognized low- to moderate-risk area, you may not be required to have flood insurance for your business, but it's wise to consider investing in such coverage.
The premiums may be less expensive, and it will provide a high level of protection if a sudden summer downpour or water main break inundates your property subject to policy terms.
Federal disaster assistance If a flood is declared a federal disaster, assistance is often a loan that needs to be repaid, with interest, in addition to your mortgage loan.
For businesses in high-risk areas, the premiums understandably may be higher with separate building and contents coverage. Separate deductibles apply to the building and the contents with different amounts possible for each.
Payment of the premium is made annually in one lump sum. To lower the premium, you can request a higher deductible, but keep in mind that it will reduce the total claims payment if you have a loss.
Contact your agent today for an NFIP quote, and start protecting your business from flood damage costs.National Flood Insurance Is Underwater Because of Outdated Science. The FEMA program will continue to be financially unviable until it uses the latest research to help fix its broken system.
Insurance coverage provided through the National Flood Insurance Program. Your homeowners policy doesn't cover losses caused by flood. There is a day waiting period before a flood policy becomes effective.
ST. PETERSBURG, Fla. (PRWEB) July 19, Wright Flood, among many other organizations, is urging Congress to enact an immediate extension of the National Flood Insurance Program (NFIP) before breaking for the month-long summer regardbouddhiste.com, which provides flood insurance to more than 20, high-risk communities nationwide, is presently set to end on July 31, National Flood Services plays a critical role in safeguarding Americans from flood risk by providing a comprehensive suite of flood insurance solutions.
You Have Choices! From the lowest Flood Insurance Premiums in the Industry to the Most Comprehensive Coverages. You Have Choices! Every private market in the NFIE is Lender Approved and meets the stringent requirements of “Private Placement Insurance” imposed on them by the National Flood Insurance Program.
National Flood Insurance, LLC, is one of the nations leading flood insurance agencies. As a general agent for flood insurance, we provide the experience and expertise you need, as well as the ability to quote, underwrite, and bind your flood insurance policy.