NFIP (National Flood Insurance Program) had a count of over 4.4 million holders of their policy in US, totally nearing $673.2 billion for insurance coverage. Approximately 280,000 structures are recognized as flood plain areas located in Ohio and only 10% of those flood occurring areas are protected by flood insurance. Ohio’s loss picture statistics is clear with a figure of 15,071 losses and it’s payments nearly of $109.5 million. Looking at these statistics, flood insurance is a must for every Ohioan. Be a own house, rented, condo or a villa, owning a flood insurance if your location is prone to floods becomes necessary.
Floods are such natural disasters which are not easy to predict. Many predictions have gone wrong resulting in heavy damages costing lives. An Ohioan will be found suffering from severe financial aftermath of a flood which they had never dreamt. Still many are unaware about the fact that their home insurance does not cover flood. When discovered later to a major hit to their surprise, they regret.
Flood Insurance Basket
Most homeowners insurance policies do not cover high priced flood damages. Floods can be caused by hurricanes, melting snow, heavy storms, water backup due to overloaded drainage systems. All such scenarios are highly unpredictable. Flood insurance covers loss to your property, from structural damage to debris cleanup. You can make an inventory of all your priced possessions in your home and cover them by purchasing separate coverage, something that your home insurance policy does not offer when flood occurs.
Flood insurance is not mandated by state or any insurance company but it is required by a mortgage lender. If your home is prone to flood, do not wait for a lender or an insurer insist you to buy. It is available through NFIP. It is always better to purchase both building and contents coverage for the broadest protection. Talk to your insurance agent today to enquire about it and to obtain flood insurance, it is a necessity. Even though flood insurance is a federal program, insurance companies sell the policies.