Flood Insurance

Flood Insurance Quotes

You might not be worried about damage from flooding because you don’t live near the coast or another body of water. Or maybe you assume your home is already covered for water damage by your homeowners insurance policy. The fact is that flooding does happen, and you need to be prepared if it does. Your local agent can tell you if your home is at risk, and if flood insurance is something you should consider.

Your homeowners insurance does not cover damage caused by flooding. A separate policy must be purchased through the National Flood Insurance Program (NFIP). Your Farm Bureau agent can assist you with purchasing a flood insurance policy for your home. Our agents can also answer questions you may have about an existing flood policy.

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The Importance of Flood Insurance

Statistics show that during the course of a 30-year mortgage, a home is three times more likely to be damaged by a flood than by a fire.

Because all it takes is a few inches of water to damage your home and its contents, it is important that you are covered. Since homeowners insurance does not cover flooding, it’s important to have protection from poor drainage systems and the rapid accumulation of rainfall, snowmelt, and broken water mains.

What Flood Insurance Covers

A flood insurance policy offers coverage for both the structure (your home) itself and your personal property, including furniture, electronic equipment and other items that can be damaged by flooding.

Flood Insurance Policy Options for Arkansas

When buying a flood policy you may select from several coverage options including:

• Coverage for the building only
• Coverage for the contents only
• Coverage for both the building and contents

Flood Insurance Coverage Limits

It is important to understand the limits of coverage available under a standard flood policy. Coverage is limited to a maximum of $250,000 on the structure itself, and contents coverage is limited to a maximum of $100,000. If you need additional coverage, you may purchase an excess flood policy. Your agent can help you get a flood insurance policy through the NFIP and an excess flood insurance policy to make sure you have the right amount of coverage.

Flood Insurance for Low-Risk Areas

Even if you live in a low-risk flood area, your home may still be at risk. Each year about 20 percent of all flood claims are filed by people who live in low-to moderate-risk areas.

All it takes is a few inches of water to damage your home and its contents.

Don’t take an unnecessary risk with your home. If you live in a low-risk area, you may qualify for some of the lowest premiums available through the NFIP.

30-day Waiting Period

Typically, there is a 30-day waiting period before a new flood policy or changes to an existing policy are effective. That’s why it is especially important that you purchase a flood policy before severe weather threatens your area. If you already have a separate flood insurance policy, it’s important to review it annually to make sure you have enough coverage for your home and its contents.