Springtime is right around the corner. And with spring, come the spring rains. A few inches of rain in a day and storm drains back up, drainage ditches fill, and rivers begin to rise. All of a sudden, the flood waters are at your door.
Most people think that a flood won’t happen to them. But according to FEMA, one-third of all claims paid by the National Flood Insurance Program were policies in a low-risk community. The average flood claim paid for the period of 1997-2006 was $46.168. Your home has a 26% chance of being damaged by flood during the course of a 30-year mortgage, compared to only a 9% chance of fire.
With those statistics in mind, homeowners insurance does not cover flood damage. You have two choices when it comes to flood insurance coverage:
- Hope that you qualify for federal disaster aid. This aid comes only after the president declares a federal disaster area and is usually in the form of a loan with interest.
- Think ahead and purchase a flood insurance policy.
Flood insurance is available in most communities in Delaware. And most flood applications require a standard 30-day waiting period.
All statistics courtesy of FEMA and floodsmart.gov.
Tags: delaware, Delaware Insurance Agency, flood insurance, homeowners insurance, Insurance
