A flood is defined as “a general and temporary condition of overflow of inland or tidal waters; an unusual and rapid accumulation or runoff of surface waters from any source.”
According to floodsmart.gov, from 2008-2012 the average residential flood claim was more than $38,000, and the average flood insurance policy costs about $650 per year.
Flood Insurance policies are separate from your homeowners’ or renters policy and covering your personal contents is optional. Floods occurring below land grade level (i.e. a basement) will only provide coverage for heaters, furnaces, electrical panels and other critical utilities used to maintain the home.
With the typical policy having a 30-day wait period from your date of purchase we recommend contacting our personal lines staff today to begin discussing your Flood Insurance needs.