Flood Insurance: A Good Investment

Flood Insurance is a good investment for property owners and renters. A Flood Insurance Policy:

♦ Covers almost all flooding conditions.

♦ Cannot be denied because of a structure’s location in a floodplain or its flood history. Will provide up to $500 to cover the cost of moving your possessions to higher ground – including moving a mobile home.

♦ Will cover replacement costs for primary single-family residences with full coverage.

♦ Will cover both structures and contents, if insured for both.

♦ Can pay a claim or partial claim within days of the disaster even without a Presidential Disaster Declaration.

♦ Premium can be reduced if appropriate mitigation measures are taken.

♦ Will pay to repair the flood-damaged part of your building or contents in accordance with your policy terms and conditions.

♦ Has a deductible, very much like other insurance policies.


If items such as your furnace, water heater, electrical fuse box, or other key elements were damaged consider using the mitigation techniques in this book to reduce future flood damage. If undertaken at the time you are repairing damage, or making some other major renovation to your home, these retrofitting measures do not greatly increase the cost of repairs.

If there is a Presidential Declaration, other sources of funds may be available for mitigation. You may be eligible for a Minimal Home Repair grant, a Small Business Administration disaster loan, or Individual and Family Grant Program assistance. Ask those program officials about additional mitigation assistance to reduce future flood damage to the items they are helping to repair or replace. Information on these and many other funding sources is available at a Disaster Recovery Center (DRC). The location of the DRC in your area is available through the local news media—newspapers, radio and television—and through the Federal and State Community Relations personnel canvassing the disaster area.

Flooded? Here’s What to Do:

If you experience flood damage and are covered by flood insurance, these important steps will help you when filing your flood insurance claim.

1. Save as many damaged articles as possible. If you must throw items out, take pictures to document your losses.

2. Contact your insurance agent right away. Once your insurance agent has your claim: •

  • The agent will file a Notice of Loss.
  • An adjuster will be assigned to your case.
  • Once the loss has been adjusted, a Proof of Loss will be submitted, and payment can be made. Partial payment can be made to claimants upon submission of a partial Proof of Loss.

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