In Middle Tennessee, severe flooding can occur. Most of us recall the devastation and damage the 1000- year flood in May of 2010 caused in Nashville with people losing homes and literally running with their children and pets in hand to escape the dangerous waters. This article shares what you need to know about flood insurance including what is covered in the way of disasters and your property.
Recent Flood Damage in Nolensville
Last September, a Sunday morning shower quickly turned into flash flooding for parts of Middle Tennessee, according to News Station Channel 2 WKRN. In Nolensville, water overran a bridge, quickly causing panic for residents. One homeowner described the situation where the water level in his yard quickly went from around six inches to two feet in less than thirty minutes. The flood damaged thousands of dollars’ worth of tools and equipment inside his garage and ruined one of his cars.
Floods are the top natural disaster according to FEMA.
Flood damage can happen anywhere, to anyone, without notice. Every property is vulnerable to flooding. According to the National Flood Insurance Program (NFIP), managed by FEMA, more than 20 percent of NFIP’s claims come from outside high-risk flood areas. FEMA also reports floods are the number 1 natural disaster in the United States. A few inches of water can cause thousands of dollars in damage.
Flood insurance can be the difference between recovery and financial devastation.
For homeowners, it is important to know what is covered and what is not.
While the burdens of homeownership seem endless, we have compiled some commonly asked questions from insurance customers.
What Flood Insurance Covers:
Questions and Answers
I already have a homeowner’s insurance policy. Is flood insurance generally included or is it an additional coverage option?
Most homeowner’s insurance policies do not cover flood damage. Only flood insurance covers the cost of rebuilding after a flood.
I am not in a known flood zone. Do I need insurance?
Even though flood insurance may not be required for your property, it can happen anywhere. Common causes may be from broken water mains, ferocious storms, poor drainage systems, or construction.
Am I immediately covered once I purchase a policy?
There is usually a 30-day waiting period before the policy takes effect. However, there are some exceptions. For example, when you initially secure a loan for the purchase of a home, there may not be a waiting period. Coverage takes effect when the loan is closed.
Would Federal Disaster Assistance provide coverage in the event of a flood?
Federal disaster assistance is only available if the president of the United States declares a disaster. Federal programs have strict eligibility requirements based on individual needs which may exclude you from the aid. Your home is covered by flood insurance if a disaster is not declared.
Without flood insurance, the only relief may come in the form of a loan. Understandably, these loans must be paid back. Meaning you are on the hook for the entire cost of the damage and losses.
Careful considerations must be taken to protect your most valuable assets. Whether you rent or own your home, our best advice is to talk to a local agent with specific expertise in your geography.
Receive a free flood insurance rate quote from Montgomery & Associates Insurance and Financial Services and compare prices with Progressive Insurance, Nationwide, and other insurance carriers.
Montgomery & Associates Insurance & Financial Services is a trusted source in home and flood insurance protection in Tennessee and across the nation.
Call for a free rate quote: 855.207.9492