What is a flood?

Here's how "flood" is defined by the National Flood Insurance Program:

"A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from:

• Overflow of inland or tidal waters; or
• Unusual and rapid accumulation or runoff of surface waters from any source; or
• Mudflow; or
• Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above."

So, in plain English, a flood is an excess of water (or mud) on land that's normally dry.

Floods often happen when bodies of water overflow or tides rise due to heavy rainfall or thawing snow. But you don't have to live near water to be at risk of flooding. A flash flood, which can strike anywhere without warning, occurs when a large volume of rain falls within a short time.

More and more buildings, roads and parking lots are being built where forests and meadows used to be, which decreases the land's natural ability to absorb water. Coupled with changing weather patterns, this construction has made recent floods more severe and increased everyone's chance of being flooded.

Dangerous or damaging floods don't always mean dramatic, rushing waters through the streets of your hometown. Just a single inch of water can cause costly damage to your home! Keep this in mind when you're considering flood insurance.

Flood Fast Facts

Did you know?

• Floods and flash floods happen in all 50 states.
• Everyone lives in a flood zone.
• Most homeowners insurance does not cover flood damage.
• If you live in a Special Flood Hazard Area (SFHA) or high risk area, your mortgage lender requires you to have flood insurance.
• Just an inch of water can cause costly damage to your property.
• Flash floods often bring walls of water 10 to 20 feet high.
• A car can easily be carried away by just two feet of floodwater.
• Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding.
• New land development can increase flood risk, especially if the construction changes natural runoff paths.
• Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $500 a year ($33 a month).
• If you live in a low to moderate risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $112 a year, including coverage for your property's contents.
• You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program.
• It takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the floodwaters start to rise.

Benefits of Flood Insurance

Buying flood insurance is the best thing you can do to protect your home, business, family, and financial security from a flood.

When you are a flood insurance policyholder:

• Flood insurance compensates you for all covered losses.
• Coverage is relatively inexpensive.
• You can depend on being reimbursed for flood damages, even if the President does not declare a Federal disaster.
• You do not have to repay a loan, as you might have to with many Federal disaster relief packages. Your covered losses are paid in full.
• You can count on your claim being paid in the event of a flood loss because NFIP flood insurance is backed by the Federal government.
• Your agent can help you handle your claim quickly, so that you will not have to put your life on hold if your property is damaged by a flood. You can even request a partial payment immediately after the flood, which can help you recover even faster.

Contact us today at 800-627-2241 for more information on flood insurance and whether it's available in your community.