Some of my neighbors have said to me " Well I need flood insurance since I'm concerned that with heavy rains my swimming pool could overflow and flood into my house." Yes that is a concern but let's
look at the real definition of flood as it is defined in a typical "flood insurance policy" Flood is defined as " a general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land OR 2 or more adjacent properties at least one is your dwelling from:
A) overflow of inland or tidal waters.
B)unusual and rapid accumulation of runoff of surface waters from any source.
C) mudflow "
So if the above conditions are not present then a swimming pool overflow would not be covered under
a flood policy or any homeowners insurance policy. What should also be remembered is that any loss under a flood policy a separate deductible applies to the structure and another deductible would apply to the contents or personal property of the owner. Deductibles can be as low as $500 and up to $5000.
The good news is that if the home is your primary residence and you live there at least 80% of the year
then a loss can be paid on a replacement basis rather than a depreciated or actual cash value basis.
Many areas in Florida are in a preferred area so premiums are relatively inexpensive. Let us know - we will give you a quote
crobson@nusurance.com
Chuck Robson, CIC
NuSurance
crobson@nusurance.com
Sarasota - Manatee Agent - 941 685 6261
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( 4.7 / 3 )NEW RISKYWIRE NEWSLETTER :
Riskywire
A newsletter of the NuSurance Agencies
Having great Homeowners insurance is no reason to invite trouble.
So you are getting ready to go on vacation, you have stopped the mail, stopped the daily
newspaper, put the dogs in the vet and asked a neighbor to pick up any packages and any of
those pesky free weekly newspapers.
Excited about vacation, sure so now both you and your kids post on your face book page that
you will be visiting grandma for the next two weeks. To make matters worse you keep every
one posted on your progress and what you see on your twitter account and pictures of were
you are 1000 miles away.
No problem right. – Well before you go on vacation we want you to check out
http://robmenow.com. What a great source. For thieves! When you tell the folks on Twitter
you are on vacation you “have told the world.”
Other Tips –
Do not post your exact date of birth.
Do not post your home city or state
Use your office address and zip code if you work in a secure office
Never post your home address or zip code.
Know your friends – do not blindly allow or accept friends.
To sign up for The Riskywire Newsletters goto
http://www.nusurance.com
Christopher Kazor, CIC. Lutcf
NuSurance
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( 2.9 / 77 )Strangely enough one of the most flood prone cities in the US has become Las Vegas, yep Las Vegas, right in the middle of the desert. So if folks in the middle of the desert are prone to flood why aren’t you?
Granted you are spending too much on insurance now why do I need it? It seems that when there is a flood it is usually catastrophic. That is the reason that flood insurance is part of FEMA, the federal government is actually the insurance company.
Many different companies offer flood under “their name” however once you get thought the front page (The declarations or DEC page) of the policy you will see the actual policy is that of the federal government the companies which you purchased the policy from is the administrators and handle issuing the policy and helping with claims but the bottom line the actual funds are coming from the tax payers.
In order for a community to be able to have flood insurance the community must apply to the federal government and become an “eligible” community. Once eligible a flood map is developed and areas are broken into Zones. The most flood prone areas are Zones “A un-numbered” – “A” numbered and “V” zones. “V” zones are the most flood prone since the “V” stand for Velocity that is wind driven water at a high wind velocity, coastal areas.
Anyone in one of these areas who takes out a mortgage backed by the federal bank must purchase flood insurance. The question comes when your property is in an “X” zone (formerly B or C zones). These areas have a probability of 1 in 100 to get flooded. Are you willing to toss the dice?
You shouldn’t. Flood insurance in these areas are considered “Preferred Policies” and anyone in these zones should be take advantage of the cheaper rates. Why take a chance? Even if you are in a V or A zone and you Flood Insurance seems outrageous there are a few things you can do.
First consider a very high deductible like we said usually when you have a flood the damage can be very much be catastrophic and your high deductible will seem like a “drop in the bucket” . Also consider self insuring your personal property and only insuring the dwelling itself.
Bottom line get a quote and council with your agent on tailoring the best coverage for your situation
Christopher Kazor, CIC
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