The following are useful facts about Floods:
- 25% of flooding occurs outside areas formally designated as being flood prone (i.e. Special Flood Hazard Areas).
- 90% of all presidential-declared U.S. natural disasters involve flooding.
- Communities particularly at risk are those in low lying areas, coastal areas, or downstream from large bodies of water.
- Contents coverage can be purchased under the same policy, but with a separate premium. Contents coverage limitations are $100,000 for residential, and $500,000 for commercial properties.
- Even minor flooding can cost homeowners thousands of dollars in losses and repairs.
- Flood damage is virtually never covered by standard homeowners insurance.
- Flood insurance purchased through the National Flood Insurance Program (NFIP) is relatively inexpensive (the average premium for $100,000 coverage is a little over $550 per year at this writing).
- Floods are the most common and widespread of all natural disasters outside of fire.
- Floods occur in all 50 states (they can occur any time, anywhere).
- Florida residents and businesses hold more than 40% of all flood insurance policies in the nation.
- Limits to coverage are $250,000 for residences, and $500,000 for businesses.
- Nation-wide, flooding caused more than $4 billion a year in losses and 2,200 deaths in the 1990s.
- Please note there is a 30-day waiting period when purchasing flood insurance, so plan ahead!
- There is a 26% chance of experiencing a flood during the life of a 30 year mortgage (more than 6 times the likelihood of a fire).
- Today NFIP insures more than 4 million policyholders in more than 19,000 communities in the U.S.