Flood is defined for insurance purposes as: “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area OR of two or more properties (at least one of which is your property) from:
A) Overflow of inland or tidal waters
B) Unusual and rapid accumulation or runoff or surface waters from any source
It is additionally defined as a collapse or subsidence of land along the shore of a lake or a similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above”
The most important issue regarding the above statement that is not mentioned in the definition is that flood is NOT covered by your homeowners insurance policy – you must buy a separate policy for this coverage. Flood insurance is not just for flood prone areas. In fact, studies have shown that 35% of all potential flood losses occur in areas that are not in a designated FEMA flood zone. Please be aware that there are certain restrictions and limitations involving flood insurance. Contact an FPA representative if you are interested in this type of coverage for your home and/or contents or your business.
To obtain an accurate quote, please be prepared to provide the following information. We can walk you through this information if you are unaware of some of the answers. Once we have this underwriting data, we will be able to furnish you an accurate quote quickly:
1. Building occupancy type
2. Is building Pre-FIRM or post FIRM construction? (prior to 12/31/74 is pre FIRM)
3. Basement type (if any). If crawl space, is it “vented” (minimum of 2 required)
4. Flood risk zone
5. Elevation of building
6. Construction type (brick/frame/etc)
7. Amount of insurance desired.
8. Do you have a current elevation certificate?
Contact Us if you desire to be contacted regarding flood insurance.