Here at Kinneman Insurance we have seen floods can happen anywhere, at any time, and cause catastrophic damage to your home or business. While standard homeowners' insurance policies typically cover damage from wind, fire, and theft, they often exclude flooding from their coverage. According to FEMA, people who live outside of high-risk areas file more than 25% of claims per year. Most parts of northern Virginia, like Alexandria and Arlington, don’t require flood insurance coverage but still have moderate flood risks.
Flood insurance is a separate policy available through the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA), or from private insurance companies that offer flood insurance. NFIP policies are available to homeowners, renters, and businesses in participating communities.
It is important to note that flood insurance policies have a waiting period of 30 days for new policies to take effect. This makes it essential to obtain flood insurance well in advance of the flood season.
The cost of flood insurance depends on several factors, including the location of the property, the amount of coverage needed, and the type of coverage required. Properties located in high-risk flood zones are more expensive to insure than those located in low-risk zones. Additionally, coverage for the structure of the property is generally more expensive than for personal property.
In conclusion, flood insurance is an essential coverage for everybody, not those just living in high-risk areas. Don't wait until it's too late to protect yourself from the financial impact of a flood!