You’ve worked hard to live the dream of owning a home or business. Most of the time, hard work, property insurance and a little luck are enough to keep both safe from harm.
Then along comes a flood through a hurricane, rapid snow melt, new development in your area, or rain that just won’t go away.
It happens more often than you might think. If your property is in what’s called a “100-year floodplain,” for instance, you have a one in four chance of a flood during the life of a 30-year mortgage.1 Greater odds than many other risks, including fire.
LET THE FACTS BE YOUR GUIDE
Some common misconceptions about floods and flood insurance:
“I’m protected. I have property insurance.” Normally, homeowners insurance or your commercial/Business Owner’s Policy exclude flooding.
“Fire is my number one fear.” Understandable. But in reality, flood is the number one natural disaster in the U.S.2
“A little water couldn’t result in that much damage.” Think again. And see the chart below
ONE INCH OF WATER CAN ADD UP TO THOUSANDS3
It doesn’t take a foot of water to ruin property and goods. Consider a 1,000-square-foot home and the damage that can result from just one inch of water:
You can purchase a policy to protect the following:
Cleaning $850 Doors and base Trim Windows $450
Electrical & Plumbing $150 Finished Floor – Wood/Carpet $7900
Kitchen & Bath Cabinets $50 Appliances $70
Repairs to Furnace/AC $150 Bedroom Furniture $150
Dining Room Table/Chairs $100 Kitchenware/Food $50
Living Room Furniture $250 Loss of personal items $250
Total Loss $10,420
The standard policy provides separate coverage options to protect against damage to: the building itself, its contents or both.
Depending on your need, you may decide to purchase both to protect against damage to:
- Structural elements, such as walls, floors, equipment and fixtures
- The property’s contents, such as furniture, appliances, wall and floor coverings
- Personal items, such as clothing, audio equipment and televisions
MAP YOUR RISK
The Federal Emergency Management Agency (FEMA), which administers flood insurance, works with local communities and experts to revise aging flood maps in communities across the country. You can get a detailed, digital flood hazard map of your area by visiting the FEMA Map Service Center site: msc.fema.gov/portal.
Then, let your agent from The Hartford help you interpret it.
DON’T WAIT UNTIL WATER IS AT YOUR DOOR
Consider purchasing flood insurance sooner rather than later. Keep in mind that there’s often a 30-day wait after purchase for the policy to take effect. So call your independent agent today about flood insurance through The Hartford. It’s rainy day protection that could help save your more valuable investment: your home or business.
