Every year, floods damage more homes in the United States than any other natural disaster. It wasn't until 1997's El Nino torrents that most of us would have seriously considered flood insurance. Many families and individuals discovered the hard way that typical homeowners insurance does not include flood coverage. Even more dlsmaying, nine out of ten disasters are not officially recognized by the federal government; when a disaster area is declared, assistance is typically in the form of a loan that must be paid back with interest. The federal government recommends that everyone consider buying flood insurance, even if they do not reside in a designated flood zone. In fact, between 25 and 30 percent of all flood insurance claims are paid to people living outside high risk areas.
Flood insurance is required for all federally insured loans in zones A, B and other 100 year flood zones (see Flood Hazard Zone, below, for sample premiums). Flood insurance is not required by lenders in Preferred Zones (see Preferred Zone, below, for sample premiums).
Please don't hesitate to contact Allied Brokers for a quote, more specific details, or informative literature.
This is also a good time to check your homeowners insurance limits to be sure that they reflect the replacement cost of your home and its contents. We are happy to review this with you or with your clients at any time -- even if you are not already doing business with Allied Brokers.
