MGS Insurance Protection Blog
According to the National Flood Insurance Program, a common denominator on 90 percent of US natural disasters is flooding. This report alone emphasizes how important getting flood insurance is.
The National Flood Insurance Program
This program, as promoted by Congress in 1968, envisions on helping Americans on three things: insurance, flood management, and hazard mapping. This program involved continuous amendments as the years went by, and brought relief to many flooding victims.
Flood Insurance Coverage
Having flood insurance covers physical damage and loss as brought by flooding and soil erosion produced by heavy rains, storm surges, melting snow, dam failures or overflows, blocked sewage or drainage systems. Residences can receive coverage for up to $250,000 when talking about replacements cost. Replacement cost means building the home the way it was before flooding damage. Homes can receive coverage for up to $100,000 cash value, meaning the replacement cost less the property depreciation. For commercial establishments, the coverage is up to $500,000 for the structure and another of the same amount for the contents. Policyholders must remember that it takes 30 days after signing or application for the policy to take effect.
What is Flood Risk
Flood Risk affects the rates of flood insurance, which is determined by the Federal Emergency Management Agency. They study the maps and review risk for every location and take not of hazardous areas.
Recent Updates on Flood Insurance.
Need More Information?
For an in-depth explanation on availing flood insurance, talk to the experts! At MGS Insurance Protection, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (561) 282-6699 or Click Here to request a free quote.