Did you know that 69% of the households in Virginia are located within Special Flood Hazard Areas and don't possess flood insurance policies? It's imperative to understand that standard homeowner’s insurance policies don't cover floods. Homeowners in Virginia must buy special flood insurance policies if they need compensation after floods destroy their houses.
Not every flood emanates from ragging river or tidal surge; other causative agents include excessive rain, clogging or insufficient storm drains, levees, hurricanes, and ice or snow. Statistics reveal that floods are the commonest and costly natural calamity and result in millions of dollars in damages annually. It is estimated that resulting floods in America cost around $8.2 billion each year in damages.
In Virginia, the congress body has authorized federal modulated or insured company renders to require flood insurance on mortgaged holdings situated in flood-prone areas. However, your mortgage lender may demand you to show proof of flood insurance even if your property is not situated in flood-prone areas.
Flood insurance is highly recommended because any resident in Virginia can be financially susceptible to floods. It's estimated that people who are marked outside of high-risk areas file more than 20% of NFIP claims and receive 1/3 of disaster assistance for flooding. Therefore it's prudent to purchase flood insurance to cushion you financially when this destructive calamity strikes. Visit us today at Cannon and Associates Insurance offices and speak to our friendly and reputable agents about acquiring outstanding flood insurance policy matching your needs and budget.
Most Virginia insurance companies will offer the following option to choose from while considering a quote on your flood insurance policy.
General property policy: This form of coverage covers five or more non-residential and residential buildings.
Residential condominium building association coverage: This type of coverage covers both condominiums' and townhouses, thus shielding you financially from floods.
Standard insurance policy, dwelling: It's the commonest form of coverage, and it is used to insure up to four residential buildings and single-family dwelling units in a condominium building. For the standard dwelling policy, there is two available option:
NFIP strongly recommends homeowners to purchase these two coverage options. These two coverages will cater to several items in your house, including:
In the United States, floods account for 90% of all the prevailing calamities. Even if you don't live in flood-prone areas, it's vital to purchase flood insurance to prepare for the possibility of a flood. Are you a resident of Virginia? Call us or visit our Cannon and Associates Insurance offices for more queries and information.