As a homeowner, it's important to insure your home and its contents. Depending on your property location, your home is either considered at high-risk or at moderate-to-low risk for a flood. Your insurance premium will vary accordingly.
It only takes a few inches of water, and your home could need major repairs. Yet most homeowner's policies don't cover flooding. Find out the facts, and then talk to your agent about flood insurance.
Most homeowners in a moderate-to-low risk area are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price.
In fact, building and contents coverage starts at just $119 per year. If you don't qualify for a Preferred Risk Policy, a standard rated policy is still available. Even though flood insurance isn't federally required, nearly 25% of all NFIP flood claims occur in moderate-to-low risk areas.
If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.
The Dwelling Form provides insurance for buildings with one to four units, including single-family condominium units and townhouses. The General Property form provides insurance for other- residential and commercial buildings. Both forms provide flood insurance on contents, if you have purchased this optional coverage.
Flood insurance premiums are calculated based on factors such as:
If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy.
If you are currently renting, please visit this website to obtain flood information. Renters Information.
Let the Sterner Insurance Agency - Apple Valley, MN, help you understand and protect all of the risks you run and all of the perils your business faces. We will do this with a well thought out and executed business insurance policy designed just for our Flood Insurance policy holders.