Heavy Rain, Just Around the Corner!
Posted by admin | Posted in Around The Community, Flood, Miscellaneous, Personal Insurance | Posted on 23-02-2011
Tags: caution, coverage, damage, disaster, earth, FEMA, flood, home, homeowners, incorporated, insurance, movement, national, natural, NFIP, program, property, protection, water
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Heavy rain overwhelmed Southern California this past President’s Day weekend. When heavy rain falls, so is the chance of water and flood damage to your home! You want to make sure you are prepared as flooding is the nation’s leading nautral disaster.
The National Flood Insurance Program (NFIP) is a Federal program enabling property owners in participating communities to purchase insurance as a protection against flood losses. Participating in the NFIP is based on an agreement between communities and the Federal Government. The program is administered by the Federal Emergency Management Agency (FEMA) and provides flood insurance protection to property owners, renters, and business owners in communities that participate in the program. The House subcommittee on Insurance, Housing, and Community Opportunity will hold a hearing on the future of the National Flood Insurance Program (NFIP) on Wednesday, March 9.
In general, coverage is provided for direct physical loss to the property from a flood which is described 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 of surface waters from any source
c. Mudflow – defined as a river of liquid and flowing mud on the surfaces of normally dry land areas such as when earth is carried by a current of water. Landslide, slope failures, or saturated soil moving down a slope are not mudflows.
In general, the policy excludes losses caused by:
Earth movement, even if the earth movement is caused by flood. Examples of excluded earth movement include:
Earthquake;
Landslide;
Land subsidence;
Sinkholes;
Destabilization or movement of land resulting from accumulation of water;
Gradual erosion;
The maximum limits available are:
Residential – $250,000 for the structure and $100,000 for the personal property
Commercial- $500,000 for the structure and $500,000 for the contents