A standard Homeowners Policy does not cover your home and its contents in the event of a flood. Consequently, your Homeowners Policy may be incomplete without a separate Flood Insurance Policy
Floods can happen anytime or anywhere. The fact is, anywhere it rains, it can flood. Even if you haven’t experienced a flood in the past, that doesn’t mean you won’t in the future. Flood risk isn’t just based on history; it’s based on a number of factors. 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. Flood Insurance is a separate policy from the National Flood Insurance Program (NFIP) that is sold through independent agencies, such as Advanta. The rates are set by the NFIP and policy forms are standard.
In fact, 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.
Since there is a 30-day waiting period for flood insurance, the best way to protect your home is to act now, before the flood comes! A flood disaster can cause financial ruin! Protect yourself with Flood Insurance!
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