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Flood Insurance

The Risk is Real! Can you afford to overlook Flood Insurance?

To learn more about the Preferred Risk Policy, your flood risk, and how flood insurance can help protect your financial future, please contact our office.

Why Do I Need Flood Insurance?
  • Floods are the most common and costly natural disaster
  • Heavy rains, blocked creeks, or inadequate drainage can all lead to floods. And you're left with damaged walls and floors, ruined stock and equipment, mud and debris.
  • Homeowners insurance does NOT cover floods.
  • Renters insurance does NOT cover floods.
  • Only Flood Insurance covers floods.
  • Most forms of federal disaster assistance require Presidential declaration, which is issued in less than 50% of all flood incidents.
  • Lenders only require flood insurance in high flood hazard areas; however, 25-30% of flood claims occur in low-to-moderate risk areas.
  • Lenders only require flood insurance in high flood hazard areas; however, 25-30% of flood claims occur in low-to-moderate risk areas.

Are you willing to gamble on a flood?

Major Hurricanes That Recently Affected the East Coast

Jeannie 2004

Ivan 2004

Francis 2004

Charlie 2004

Isabel 2003

Allison 2001

Floyd - 1999

Andrew 1992

Hugo - 1989

Just Dropping In
If you own or rent property along the Atlantic coastal states, one or more of these uninvited guests may drop in between June and November. You can protect your property by insuring against losses from coastal and inland flooding that these hurricanes can bring through the National Flood Insurance Program. Two years ago, flooding from Hurricane Isabel accounted for a staggering $155 million in paid claims. Yet, despite knowing the risks, 60% of Maryland property owners in high-risk flood areas are uninsured. All policies are issued for a one-year term and require a 30-day waiting period before coverage become effective.

Lower-Cost Flood Protection

Preferred Risk Policy for the Home
The National Flood Insurance Program's Preferred Risk Policy (PRP) allows owners to protect homes that are located in communities situated in flood zones designated as B, C, or X bases on current flood insurance rate maps published by the Federal Emergency Management Agency (FEMA). Structures located in these flood zones are moderately or minimally at risk of flooding. The Preferred Risk Policy offers you this protection with several options, all with moderately priced savings of 40% - 47% over the standard rates! For as little as $249 per year you can purchase $125,000 in Building coverage and $50,000 in contents coverage. Included in this policy are 1-4 family residences or mobile homes.

Deductible
Deductibles apply separately to building and contents.
Building deductible: $500
Contents deductible: $500

Actual cash value coverage
Generally; loss on this policy will be settled on an actual cash value (ACV) basis, which means the replacement cost of property less the value of physical depreciation.

Condominium Coverage
Condominium Associations can purchase flood insurance coverage on a residential building and its contents under a Residential Condominium Building Association Policy (RCBAP).

Benefits of a RCBAP:
Eligibility requirements include all types of residential condominium buildings owned by the association, including:
  • Garden apartment-type construction
  • Townhouses
  • Single-family detached buildings owned by the association
  • Fee-paid timeshare buildings
Building coverage is provided on a replacement cost basis. Cost effective protection is provided by insuring all units in a condominium building under a single policy, with one deductible, creating a cost savings to unit owners.

Offers a high limit of coverage
Building - $250,000 multiplied by the number of units, or the replacement cost of the building, whichever is less.
Contents - $100,000, or the actual cash value, whichever is less.

Provides greater protection against liability issues to condominium associations and board members.

Unit Owners Coverage- Building and Contents:
An individual dwelling unit in a condominium building, defined as a single-family residence, may also be insured under the Standard Flood Insurance Policy. The individual unit and its contents may be separately insured by the unit owner or by the Association (in the owners name and unit number) if the policy is purchased by the association.

Get a quote now

privacy policy10751 Falls Road P.O. Box 1427 Brooklandville, MD 21022 phone:410-337-9755 fax: 410-337-0551Copyright (c) 2007