Flood Damage Insurance
Flood damage insurance is a hot topic of the television news in the spring and fall seasons of the year. When melting snows meet the frozen tundra of the Midwest and the hurricanes race across the Gulf coast, flooding creates the pictures that break viewers' hearts. The poor become destitute and the rest build over again. It is the yearly dance of the waters into homes and businesses that makes the rest of the country wonder why people don't pack up and leave. But that is the very answer; it's home. So the Federal Emergency Management Administration (FEMA) has divided the country into zones that are at the highest and lowest risk of the dance each year. And in those high risk areas, the conversation about flood damage insurance always comes up in conversations at the mall or at church. And in Utah or Pennsylvania, it's more likely that Little League and the price of gas are hotter topics.
In the highest risk areas of the country which include the coastal states and other inland designated hot spots, the lenders of mortgages for homes have one large demand, besides paying on time. It is the requirement for a high water indemnity policy per home owner. The homeowners do not have a choice in the matter for if they want a mortgage, they will have the coverage, and they will maintain that coverage or lose the house. In these hotbeds that seemingly love to host the water dance every few years, and for some every year, the premiums are not inexpensive. For a two hundred thousand dollar house and fifty thousand of coverage inside, the price is over five thousand dollars a year. That house in Utah or Pennsylvania would be about four hundred dollars a year for flood damage insurance.
FEMA is quick to point out that there are no non-overflow zones in the country. Given the fact that melting snow and overrun creeks can stretch for miles over frozen land that is not hard to believe. And then when one adds in the very real possibility of a storm drain backing up and wiping out an entire block in a seemingly low risk of water overflow plain and one begins to understand FEMA's claim. "Once in a hundred years" is what might be muttered from people who never saw the dance coming, and who obviously had no flood damage insurance. Jesus said His second coming would also come like a thief in the night and few will be prepared. Speaking about Jesus' words in the final book of the Bible the writer quotes Him saying, "He which testifieth these things saith, 'Surely I come quickly.' Amen. Even so come, Lord Jesus." (Revelation 22:20)
A person that hasn't been through a deluge cannot imagine how much damage even a couple of inches can bring. FEMA estimates that in a 900 square foot ranch style home, the two inches of water would bring seventy eight hundred dollars of damage. That would include new baseboards, carpeting, cleanup materials and some furniture damage. A ten inch flood in the same house, destroying drywall, furniture, paint, new appliances and some major damage to furniture would cost in excess of eighteen thousand dollars. And while the costs will vary, the reality doesn't. Unwanted water can wreck years of hard work and sacrifice. Water deluge damage can be a very timely investment, but how we wish we could figure out the weather a year ahead of time and just buy the flood damage insurance at the last moment!
No, homeowner's insurance does not cover overflow damage. It's often good for one dog bite incident in many cases, and for Auntie falling down the stairs, but flood damage insurance is a separate deal. Federal disaster relief funds are often thought by some owners to be an automatic coverage, but only if the President deems the flood waters to be a national disaster. The bad news is two-fold on this one. First, only ten percent of floods are deemed to be disasters and the money homeowners get from flood assistance is a loan that has to be paid back with interest. Is there any acreage for sale on Mt. McKinley?
Flood insurance isn't only water damage reparation, but it is also mud slide indemnity. And who hasn't seen a house sitting precariously on the side of a hill, and topple into the ravine because of erosion? The good news is that the owners of that house, with flood damage insurance, will one day have another house paid by the insurer. Flash flood, tidal surge, high waves are all part of the litany of causes of damage to be covered under this policy. But all should check with their agent before applying this information carte blanche to their own.
According to FEMA, only those communities, at the moment over 20,000 in number that belong to the National Flood Insurance Program can get flood insurance. If this particular lends on flood damage insurance has made you a little nervous about your own vulnerability and your community is not one of the 20,000, talk to an insurance agent about what coverage might be available. Hey look, a broken water main at First and Elm streets could possibly find an old Victorian bed and breakfast in harm's way in about, oh, say eight hours. And then the dance begins. Yeah, that's covered in the policy too.
In the highest risk areas of the country which include the coastal states and other inland designated hot spots, the lenders of mortgages for homes have one large demand, besides paying on time. It is the requirement for a high water indemnity policy per home owner. The homeowners do not have a choice in the matter for if they want a mortgage, they will have the coverage, and they will maintain that coverage or lose the house. In these hotbeds that seemingly love to host the water dance every few years, and for some every year, the premiums are not inexpensive. For a two hundred thousand dollar house and fifty thousand of coverage inside, the price is over five thousand dollars a year. That house in Utah or Pennsylvania would be about four hundred dollars a year for flood damage insurance.
FEMA is quick to point out that there are no non-overflow zones in the country. Given the fact that melting snow and overrun creeks can stretch for miles over frozen land that is not hard to believe. And then when one adds in the very real possibility of a storm drain backing up and wiping out an entire block in a seemingly low risk of water overflow plain and one begins to understand FEMA's claim. "Once in a hundred years" is what might be muttered from people who never saw the dance coming, and who obviously had no flood damage insurance. Jesus said His second coming would also come like a thief in the night and few will be prepared. Speaking about Jesus' words in the final book of the Bible the writer quotes Him saying, "He which testifieth these things saith, 'Surely I come quickly.' Amen. Even so come, Lord Jesus." (Revelation 22:20)
A person that hasn't been through a deluge cannot imagine how much damage even a couple of inches can bring. FEMA estimates that in a 900 square foot ranch style home, the two inches of water would bring seventy eight hundred dollars of damage. That would include new baseboards, carpeting, cleanup materials and some furniture damage. A ten inch flood in the same house, destroying drywall, furniture, paint, new appliances and some major damage to furniture would cost in excess of eighteen thousand dollars. And while the costs will vary, the reality doesn't. Unwanted water can wreck years of hard work and sacrifice. Water deluge damage can be a very timely investment, but how we wish we could figure out the weather a year ahead of time and just buy the flood damage insurance at the last moment!
No, homeowner's insurance does not cover overflow damage. It's often good for one dog bite incident in many cases, and for Auntie falling down the stairs, but flood damage insurance is a separate deal. Federal disaster relief funds are often thought by some owners to be an automatic coverage, but only if the President deems the flood waters to be a national disaster. The bad news is two-fold on this one. First, only ten percent of floods are deemed to be disasters and the money homeowners get from flood assistance is a loan that has to be paid back with interest. Is there any acreage for sale on Mt. McKinley?
Flood insurance isn't only water damage reparation, but it is also mud slide indemnity. And who hasn't seen a house sitting precariously on the side of a hill, and topple into the ravine because of erosion? The good news is that the owners of that house, with flood damage insurance, will one day have another house paid by the insurer. Flash flood, tidal surge, high waves are all part of the litany of causes of damage to be covered under this policy. But all should check with their agent before applying this information carte blanche to their own.
According to FEMA, only those communities, at the moment over 20,000 in number that belong to the National Flood Insurance Program can get flood insurance. If this particular lends on flood damage insurance has made you a little nervous about your own vulnerability and your community is not one of the 20,000, talk to an insurance agent about what coverage might be available. Hey look, a broken water main at First and Elm streets could possibly find an old Victorian bed and breakfast in harm's way in about, oh, say eight hours. And then the dance begins. Yeah, that's covered in the policy too.
Flood Damage Insurance
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