Why Flood Insurance?

Which is more likely to occur, a fire loss or a flood loss? According to FEMA, a flood loss is 30 times more likely to happen than a fire loss. Regardless what how you add that up, 30 times anything is a lot!

So if that is the case, what is considered a flood? Many think of the recent floods in Tennessee or Hurricane Katrina, but the actual definition of a flood is “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property)” per FEMA.

In other words, flood can happen anywhere. Flood insurance cannot be bought with your homeowners insurance. The United States government has a monopoly on flood insurance. Depending on were you live, it is a requirement by law that banks and mortgage companies require Flood insurance on any residential or commercial building in a high risk flood zone.

Effective October 1, 2010, State Farm is no longer assisting in obtaining flood insurance. This is shocking, only because the heighten request for flood insurance has increased over the last few years.

We at Thomas and Associates have the ability to obtain flood insurance for you. If we write your homeowners insurance, then we can help you write and service your flood insurance through FEMA.

With a flood loss 30 times more likely to happen than a fire, even in a low risk flood zone, it is important to protect your assets.