Floods can strike at any time, even in areas where rainfall is less common. Excessive melting snow and major storms can result in a wide range of unforeseen losses that are beyond human control. However, a standard homeowner’s insurance policy does not cover flood damage. It only provides protection for water damage when it comes from wind driven rain or through a hole in the roof. More importantly, homeowners are required to purchase flood insurance if they live in a high-risk flood area or if they have a federally backed mortgage. The following are some commonly asked questions about Flood Insurance in Lancaster PA.
Why should homeowners and business owners purchase flood insurance?
Most commercial property and homeowners insurance policies do not cover flood damage. The Federal Emergency Management Agency (FEMA) indicates that floods are the number one natural disaster in the U.S. They are more common than wild fires, earthquakes and tornadoes. Research shows that they have caused nearly $24 billion losses in the U.S. in the last ten years. If a business or home is located in a high-risk area, it is more likely to experience a flood than fire.
How can you determine your flood risk levels?
The Federal Emergency Management Agency has developed flood maps that specify risk levels based on factors such as, flood history, topography and climate. An area can be an undetermined risk, low risk, moderate risk or a high-risk region. Those in low risk areas still need to purchase flood insurance as some low risk areas have been hit hard by flooding in the last 5 to 10 years.
Why is it important to buy flood insurance early before the flood strikes?
It takes 30 days after purchase for a flood insurance policy to take effect. Thus, it is imperative to buy the coverage before the flood waters start to rise. Apart from snow melt floods, most storm floods occur before the 30 days advance notice.
These are just some important details to know before purchasing Flood Insurance in Lancaster PA. To get the best flood insurance rates, only choose a reputable insurance company, such as Susquehanna Insurance Management Ltd. For more information about flood insurance, and how to contact an established insurance company, please go to visit us website.
