– Consult Your Insurance Broker to Make Sure You Are Protected
Flood waters can damage a home in a matter of seconds and flooding is one of the country’s most common natural disasters. Arkansas has had its own share of floods in the past, but percentage-wise, the state is in the top five within the nation for flooding.
When the flood waters begin to rise, many Arkansas homeowners may assume that they are properly covered by their homeowner’s insurance. However, when they file their claims, they quickly realize that general home insurance does not always cover flooding; instead, it may require a separate policy.
The United States government did try to address this common issue by creating designated flood zones. Most mortgage companies will not issue a mortgage unless homes in those flood zones have flood insurance. Unfortunately, there are millions of homes across the country in areas that flood, even if they were not marked as flood zones by the government. According to a recent publication in Claims Journal, there is an astounding amount of potential for damage to local residents in Arkansas.
Speak with an Insurance Broker in Little Rock, AR – Flood Insurance is IMPORTANT!
You may think that flood insurance is not necessary, especially if your mortgage provider does not require you to obtain it. Regardless of whether or not you are in a flood zone, be aware that Arkansas tops the list in 100-year flooding. Adding on flood insurance could potentially save you thousands in damages. Here are some key reasons provided by FloodSmart.gov to consider adding flood insurance:
- Flooding is the number one disaster in the United States.
- Over the past five years, 75 percent of federally declared natural disasters were due to floods.
- Even if you are not considered high risk by your mortgage, most homes have the potential to be in a flood zone.
- Over the past five years, 25 percent of flood claims occurred outside of the high-risk areas that require insurance.
- Standard homeowners’ insurance policies do not cover natural disaster flooding.
- Flood damages cost thousands, and average as much as $55,000 in repairs per consumer.
- It takes 30 days for a flood policy to go into effect, which means that waiting until a storm is coming is not adequate.
- From 2005 to 2014, flood insurance claims averaged more than $3.5 billion per year.
- Federal disaster assistance is not free. Instead, it is a loan that must be paid back to the government with interest.
Do not wait for the flood waters. Instead, add flood insurance to your Arkansas home insurance policy today. The Nowell Agency’s insurance brokers in Little Rock, AR can help you find the right coverage to extend the reach of your existing homeowner’s policy. Call us at 888-824-1785 to discuss your options. You can also request a quote online.