Global Courant
7 Fast facts about flood damage and how to better protect your home and business.
The massive flood damage around the Birmingham metro area on 7 April 2014 took many residents by surprise. Based on the National Weather Service, more than 7 inches of rain was measured in Vestavia Hills, while other locations in the area reported 5 – 6 inches of rain.
The National Flood Insurance Plane (NFIP) was created by the US government to help with the high cost of flood-related losses to both buildings and properties.
Seven important facts about flood insurance:
1. No one is safe. – People outside high-risk areas make nearly 25% of National Flood Insurance claims. In high-risk areas, there is at least a 1 in 4 chance of flooding with a 30-year mortgage. Poor drainage systems, rapid accumulation of rainfall and broken water pipes can all lead to flooding. Hillside homes can be damaged by mudslide, a covered peril under standard flood insurance.
2. I have homeowner/renter insurance. – Flood damage is not typically covered peril by most homeowners/renters insurance policies sold in the US
3. Can I buy the flood policy in Birmingham? – If you live in a community that participates in the NFIP, you can take out flood insurance. Birmingham, Hoover, Vestavia, Homewood, Mountain Brook, Alabaster, Chelsea and many more municipalities participate in the NFIP.
4. How much coverage is allowed by the NFIP? – Residential house structure limit is $250,000 and content is limited to $100,000. The corporate structure limit is $500,000 and the corporate content limit is $500,000. The renter’s content limit is $100,000.
5. Does flood insurance cover damage caused by storms, rivers or tidal waters?
Yes, provided that if confined to your property, the flood water covers at least two acres. There is also a general flood condition if two properties are affected, one of which is yours.
6. What are flood zones? – Flood zones are land areas identified by FEMA. Each flood zone describes that land area in terms of flood risk. Everyone lives in a flood zone – it depends on whether you live in a low, moderate or high risk area.
7. What is covered in my basement? – Flood insurance covers your home’s foundation elements and equipment needed to support the structure (e.g. HVAC, water heater, etc.). Flood policy does not cover basement improvements, such as finished walls, floors, ceilings, or personal belongings that can be kept in a basement.
Flood insurance – protect your home against
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