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Flood Insurance Explained

While home insurance for your Memphis, TN home covers you against perils like theft, vandalism, fire, and numerous natural calamities, it won’t cover you when floods strike. The only way you can protect your home from floods is by purchasing flood insurance from Anthony Lancaster Insurance Inc. 

If you are new to flood insurance, keep reading as we elaborate on all you need to know about this coverage.

Can anyone buy flood insurance?

There are no restrictions as to who can buy flood insurance. In fact, since all homes are at risk of flood damage, every homeowner should consider flood insurance. You don’t believe all homes are at risk of flood damage? According to FEMA, residents living in areas not regarded as flood-risk account for about 20 percent of all flood insurance claims! Of course, this rate could even be higher if more people have flood insurance. 

What does flood insurance cover?

Typically, flood insurance covers the dwelling and contents of your building. The building coverage protects your electrical and plumbing system, air conditioning, water heaters, foundation, permanently fixed carpets, and fixed wall cabinets. 

The contents coverage protects personal assets like clothing, furniture, electronics, curtains, jewelry (limited coverage), and other personal assets.

What is the flood insurance coverage amount?

If you buy flood insurance through the National Flood Insurance Program (NFIP), you get a dwelling coverage of up to $250,000 and contents coverage with a limit of $100,000. However, you can increase your limits by purchasing flood insurance from private carriers. 

Typically. NFIP flood insurance coverage requires 30 days to take effect. However, you can reduce the waiting period if you purchase your flood insurance through private insurance companies. 

Buy flood insurance in Memphis, TN today!

While the federal government might declare floods in your area a natural disaster (and provide grants), this isn’t always the case. But even when they do, the federal assistance is a loan that you are required to pay back! For this reason, you need flood insurance from Anthony Lancaster Insurance Inc. to protect your home and for peace of mind.

Can anyone buy flood insurance?

Flooding is one of the most common and serious natural disasters that face Americans. In recent years, places have seen flooding for the very first time. Nowhere is safe from the ravages of flooding. If you are a homeowner, renter, or business owner, you may wonder if you can buy flood insurance?  Stated, almost everyone can benefit from flood insurance. At Anthony Lancaster Insurance Inc. in Memphis, TN, we are independent agents who offer personalized service to meet our customer’s needs. 

Flood insurance is a national program managed by FEMA (Federal Emergency Management Agency) and delivered directly through the NFIP (National Flood Insurance Program) or one of the 60 or so approved carriers. This is a great program that allows you to purchase protection from floods. It is sold in two parts, building and contents. You can purchase one piece or both, and it is up to you. 

Building coverage covers the physical home. Things like the roof, the foundation, the main systems such as electrical, plumbing, heating, and cooling. It also covers anything permanent in the home, like flooring, cabinets, built-in appliances, bathroom fixtures, and built-in furniture. Flood insurance does have limits and exclusions. The most flood building insurance that you can buy is $250,000. 

Contents flood insurance covers moveable things. It covers your furniture and your clothing. It covers your washer and dryer and small appliances in your kitchen. It will pay for your children’s toys and yours as well, depending on what they are. Your electronics are also covered. The most content coverage that you can buy is $100,000. 

If you are not eligible for NFIP insurance, it doesn’t mean that you can’t have flood insurance. Other options are available. 

Contact Anthony Lancaster Insurance Inc. in Memphis, TN for all your insurance needs. 

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