Flood insurance provides protection for destruction and financial devastation caused by floods. Although it may not seem like much even a few inches of water can cause serious damage; resulting in thousands of dollars in repair and restoration costs. Homeowners insurance does not cover floods. Purchasing a flood insurance policy through CounterPoint Insurance for your home in new Hampshire, Vermont, Massachusetts or Maine can protect you.
Because flooding is classified as a natural disaster, private insurance companies exclude it from their policies, as the risk associated with flooding is substantial. Instead, the Federal Government has a flood insurance program so that citizens can properly protect themselves from their particular amount of risk. To find out some more about flood insurance and whether you are in a flood plane, check out our blog!
Different types of policies are available based on your property’s location and flood history:
If you live in a community that participates in the NFIP, your building and its contents can be covered by a standard flood insurance policy. The National Flood Insurance Program (NFIP) was established by the Federal Government to help communities who “voluntarily participate in the NIFP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren't required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.
Don't wait until it's too late.
Contacting CounterPoint Insurance today will get you on the path to flood protection with an affordable and comprehensive insurance policy.
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