Ready in a Flash — Be Prepared for Flooding

Did you know that your home has a 26 percent chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9 percent chance of fire? It’s true, according to FloodSmart.gov.

Unfortunately, your homeowner’s insurance policy won’t cover the damage to your home or property.

“Many people do not realize that the standard homeowners insurance policy does not cover flood damage,” says Scott Huber, department manager, Property and Subrogation Claims. “Only flood insurance will cover the losses.”

All 50 states are susceptible to flooding. Devastating floods in the United States cause more than $2 billion in property damage each year. According to FEMA, nearly 25 percent of flood insurance claims come from properties in areas considered low or moderate flood risks.

Flood coverage

Your insurance Agent can help you secure flood insurance to protect your home or business through the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program.

Erie Insurance partnered with American Bankers Insurance Company in 2006 to offer Policyholders other flood coverage options through its Agents. American Bankers is one of the top flood carriers in the country and has consistently received an A rating for excellent financial strength from A.M. Best.

Your Agent can help determine the flood risk level for your home and property and the appropriate level of insurance protection. Premium costs for residential properties vary depending on coverage, which is available for your building, contents or both.

Major disaster

If water drenches your home, federal disaster aid may be available in the event of a major loss. But before most forms of federal disaster assistance are offered, the area must be declared a major disaster by the President. That declaration doesn’t happen often. According to the Insurance Information Institute, it occurs in less than 10 percent of all disasters.

With flood insurance in place, a major disaster does not have to be declared for a claim to be paid. However, certain criteria must still be met before the claim is paid and even with flood insurance, the entire loss may not be covered.

For more on flood prevention and the NFIP, visit FEMA online at www.fema.gov. The FEMA Web site features a wealth of information about insurance coverage and flood safety.

To purchasing flood insurance, contact your Erie Insurance Agent or call the NFIP at 1-800-Call-Flood.

• Print
• Bookmark
• Link
• E-mail
• Share
• Blog