Sherzer Insurance Blog
It seems that the global pandemic and flood disasters connived with each other to ruin many lives in these times. Flood is a common natural disaster and causes billions in economic losses every year. That is why the government and news media are constantly reminding constituents about the significance of flood insurance.
About Flood Insurance
Flood insurance is not included in basic homeowners or renter’s insurance policies or other commercial property insurance policies. Flood insurance is bought in an additional policy from the National Flood Insurance Program (NFIP) and some private insurance companies.
The National Flood Insurance Program Before Congress was enacted from the National Flood Insurance Act in 1968. It stipulates that the state response to flood adversities had been to construct dams, levees, and other edifices to keep waters from flooding, a policy that must be built in areas prone to flooding.
The National Flood Insurance Program (NFIP) intends to prevent the high expenses of the taxpayer’s financial assistance for flood victims and the additional cost of destruction caused by floods. The NFIP has three elements: to offer flood insurance, floodplain management, and flood hazard mapping. Federal flood insurance is only obtainable where local states have taken up enough floodplain management rules for their floodplain locations as laid out by NFIP. Over 20,000 communities across the US took part in the NFIP. The coverage of the program is also obtainable outside of the locations with high risks of flooding.
Coverage of Flood Insurance
Flood insurance protects direct personal losses caused by floods and losses which happen from water erosion because of substantial or continuous rain, a hurricane, melting of snow, clogged drainage systems due to a storm, failure of a levee dam, and other natural calamities. To be covered by flood insurance, the flood must affect two acres or two properties. Replacement expenses offer to pay the reconstruction of the building to its original state before the disaster. Excess flood insurance applies to high-hazard areas from other private insurance companies for policy owners who want to add more coverage.
Resilience to flood is the capability of communities to adapt for, recuperate from, and conform to catastrophic events. There are good practices that communities should carry out for flood volatility, as suggested by the Environment Protection Agency:
Engineers worldwide are planning to develop ingenious solutions to flood like amphibious housing, permeable roads and pavements, and making use of data from satellites for more recurrent flood alarms. One of the good old ways of preventing floods is to clean our surroundings and throw trash properly. Mother nature will not only be thankful, but we can also help her breathe.
At Sherzer Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (239) 673-9301. You can also request a free quote by CLICKING HERE.