McArdle Insurance Agency, Inc © All Rights Reserved.
7061 Deepage Drive, Suite 102, Columbia, MD 21045
Phone: (410) 381-9200
Floods can happen anytime or anywhere... Even in the same place twice. Floods are the leading natural cause of property damage. Four times more homes are destroyed by flood than by fire, causing over $2 billion in property damage every year.
Flood is an excluded peril on a standard homeowners insurance policy. Standing or surface water is considered flood by insurance standards... so it is important to understand the risks that you may have! Flood insurance is regulated by the National Flood Insurance Program, which means that all carriers will have the same pricing for your home.
You don't have to live by water to be at risk. Approximately 30% of all flood claims occur in low to moderate risk areas. Homeowner insurance does not cover flood damage, but Federal Flood Insurance does. Flood insurance also covers mudflow, dirt and debris resulting from moving water.
Homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.
Fortunately, Flood Insurance is affordable, though flood damage is not. The average loss of property and contents from the 1993 Midwest flood was more than $25,000. Compare this to the average annual flood premium of about $300 per year.
Your coverage is based on your home's value, minus your land value. Flood Insurance up to $250,000 is available for residential buildings and also the option of up to $100,000 for contents. Since flood policies are backed by the US government, all valid claims are 100% guaranteed.
There is a 30 day waiting period for flood insurance, so the best way to protect your home is to act now, before the flood comes!
Remember, just because you experience a flood disaster, that doesn't mean you have to experience financial ruin.
If you should have any questions regarding Flood Insurance, or we can assist you with a quote, please feel free to contact our office.