Water is a destructive force. Just a few inches of water in your basement can cause tens of thousands of dollars worth of damage. The average residential flood claim was more than $38,000 from 2008 to 2012 [NFIP].
What is a flood?
A flood can be the result of many things, including rain, melting snow, hurricanes, or clogged drainage systems. A flood is a "general and temporary condition" where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.
How Much Does Flood Insurance Cost?
The cost of a flood insurance policy varies based on the amount of coverage purchased and the flood zone that your community is in. Dowling & O'Neil can help you determine your flood zone and walk you through the coverage and deductible options.
Many Mortgage Lenders Require Flood Insurance
Did you receive a letter in the mail from your mortgage lender saying that you need to purchase flood insurance? Many banks are changing their insurance requirements, even for existing mortgages. If you do not respond, the bank will force place coverage with a policy much more expensive than what you can get through the National Flood Insurance Program (NFIP).