Tag Archives: private flood insurance

22 Feb

Flooding Maps

In today’s blog article, I just wanted to share a useful resource that the National Weather Service provides.  It’s an interactive flooding maps tool that will allow you to see where in the United States is currently at risk of Major, Moderate, and minor flood events.

Using these flooding maps is a great way to assess your risk of a flood event damaging your home and property.  Because these are updated regularly, you can see how the flooding risk will change throughout the year and in different areas of the country.

To view the flooding maps page, visit the National Oceanic and Atmospheric Administration’s (NOAA) National Weather Service website using this link.

Additionally, if you’re curious about if your home is in or near a high risk flood zone, you can use the FEMA flooding maps tool at this link.  This map has a lot of data and can let you know if your home is within the boundries of a high risk flood zone (varations marked by the letter “A”) or a low to moderate risk zone (known as X zones).   If your home is in a special flood hazard area (SFHA)  your lender will more than likely require that you have purchased flood insurance as condition of your mortgage.

 

To visit the FEMA National Flood Insurance Program’s mapping system, you can click here.  

Once you’ve reached the FEMA GeoPlatform hub, select flooding,  Once you’ve done this, click the link to the FEMA National Flood Hazard Official Layer as shown in the picture below. Finally,  type your property’s address into the search bar in the upper right hand corner of the map and the system will allow you to see where your home’s location resides in conjunction with the flooding maps.   This is a valuable tool to give you an idea if a home you’re looking to purchase may require flood insurance in order to fund your loan.

15 Feb

Flood Insurance Coverage

flood insurance coverage, private flood insurance coverage

Hello there.  If you’ve come to this post out on the big wide world web,  you were probably curious about flood insurance and flood insurance coverage.  Now, most homeowners in the United States simply don’t carry flood insurance, and while I personally think that’s not the best idea, it is the reality.   Those who do carry flood insurance coverage are likely to be required by their mortgage provider to carry it.

Flood insurance became a pressing issue after 1927 during the infamous 1927 Mississippi River flood, in which 27,000 square miles were covered with water, 246 people died and more than 700,000 people were displaced.  The federal government then began taking an interest in protecting homeowners from flooding disasters, and the Flood control act of 1928, which charged the army corp of engineers to re work major rivers with various levees, channels and drainage control measures designed to control overflow of the nation’s rivers.

Continued development of homes and businesses within flood plains, however, forced the 1968 US congress to implement the National Flood Insurance Act, creating the NFIP as we know it today (National Flood insurance program)

the NFIP had 4 major goals:

  • To emphasis less costly non structural flood control measures
  • Reduce federal disaster costs, shifting the burdon from all taxpayers to those who were land owners in flood plains
  • Provide homeowners with affordable flood insurance coverage
  • Encourage communities to take action on the local scale to reduce likelihood of flooding damage and mitigate new construction from the risk of future flooding events.

As of the year 2012, there are over 5 million national flood insurance policies active nation wide.

The NFIP, however, has been battered by payouts from major flooding and  hurricane disasters, especially after the most well known flooding disaster in the United States, Hurricane Katrina in 2005.  As such, premiums for flood insurance have increased and in some situations are increasing at a rate of 25% each year.

Many people are now looking outside of the National Flood Insurance Program for their flood insurance coverage.   Here at Save Flood Insurance Agency Inc, we have partnered with some of the best private flood insurance companies in the world, and strive to provide an excellent flood insurance coverage product at an affordable price.

Our flood insurance coverage policies meet all the same federal requirements for Lenders, just like an NFIP policy would, but they are often up to 50% less expensive in yearly premiums.

If you’re looking to get a quote for flood insurance coverage, fill out the form below.

17 Nov

Colorado Flood Insurance

Colorado flood insurance Save Flood Insurance Agency Inc

Colorado -the mile high state!  If you have ever been to Colorado you’d think that it’s a mostly dry state without a lot of water – and that, for the most part is true.  So you may be thinking, why would I ever need Colorado flood insurance?  My home won’t flood in a dry state like this!

Well, that’s a dangerous mentality to have, as Colorado does flood – and when it does the results can be disastrous.   Colorado, in fact, has a long list of catastrophic flooding events, which usually are the result of unusually heavy rain that overburdens the soil and turns normally calm rivers and streams into raging torrents.    This website contains information on some of the most damaging and deadly floods in Colorado history – with both fascinating and terrifying information.

Most Deadly flood in Colorado History:

The Big Thompson Flood – July 31st 1976

  • Damage – over $35.5 million
  • Death toll – at least 139

This flash flood occured when over 14 inches of rain fell in a 4 hour period in the mountains of Rocky Mountain National Park, near the town of Estes Park.   The Big Thompson river, normally a depth of 18 inches, turned into a 20 foot tall wall of water

To learn more about the Big Thompson Flood, read this archive from The Denver Post.

Most Costly Colorado Flood:

2013 Boulder County Floods

The real tragedy of these massive flooding events is that the vast majority of victims, thinking they were safe, did not carry flood insurance.  That’s why Colorado flood insurance is important – over 30% of flood claims occur in “low risk” flood zones – and the real truth of the matter is that every property is in a flood zone.    While many don’t want to pay the premium to obtain flood insurance, the consequences of being without and getting flooded can be financially ruining to many.

According to a CNN report, the number of people in Colorado that were insured for flooding was very low.

Flood damage is not covered by private insurers. Instead, it is covered by the National Flood Insurance Program (NFIP), part of the Federal Emergency Management Agency. But Tom Larsen, senior vice president of of Eqecat, said that because very many of the homes damaged by the flooding are not in flood plains, the number of people with flood coverage is very low.

“NFIP is usually only taken when it’s mandatory by a mortgage lender,” he said. “In coastal areas, which are susceptible to hurricanes, there’s a high concentration. That’s why the payout from those storms is so much greater. But the percentage of insurance in this one is going to be a very low number.”

Mike Barry, spokesman for the Insurance Information Institute, agrees with Larsen’s estimate about how few homeowners and businesses affected by the disaster are covered by flood insurance. And he said local governments generally do not have coverage either.

-Source – Colorado floods: Costly and often uninsured, Chris Isidore, @CNNMoney

Get a Quote for Colorado Flood Insurance

Flood Insurance is available both from the Federal Government (NFIP)  or from private carriers, like Save Flood Insurance Agency Inc.  Because we are selective with our underwriting, we are able to provide flood insurance for less premium.  Fill out the form below to inquire about getting a Colorado Flood Insurance quote.

13 Nov

Flood Protection 101

Flood protection basics - Save Flood Insurance Agency Inc

This content courtesy of Fairfax County, VA

 

Flood Safety: How to Prepare and Protect Yourself from Floods

 

Residents should be prepared for possible flooding over the next few days if heavy rain arrives and area creeks and small streams rise significantly. According to the National Weather Service, floods cause more damage ($4.1 billion) and loss of life (127 people on average) annually nationwide than any other natural disaster. If you live in a flood-prone area, it’s important to protect yourself and your family from the consequences of flooding.

A flood watch means that flooding is possible but not imminent. A flood warning means that flooding is already occurring or will soon occur.

Government officials remind residents that this is a good time to review your family disaster plan and be prepared to implement it. The following advice may help protect lives and reduce damage before, during and after severe storms and flooding.

BEFORE THE STORM

  • Monitor your local news and NOAA Weather Radio, or visit the National Weather Service’s Web site at www.nws.noaa.gov for the latest weather information. Battery powered weather radios are available at most stores that sell electronic equipment.
  • Move to higher ground, away from creeks, streams, rivers and storm drains. Flash floods can sweep over an area without warning, and you may only have minutes to get to safety.
  • Listen for distant thunder because water from faraway storms may be headed your way. Be aware that flash flooding can occur up to 12 hours after heavy rains.
  • Learn the safest route from your home or place of business to a safe area away from the high winds or flooding. Keep your vehicle fueled and have an updated local map in your car.
  • Move livestock and animals to higher ground; bring pets inside.
  • Store extra drinking water. Fill up clean plastic bottles with clean water if you live in a flood-prone area.
  • Move your valuables and furniture to higher floors of your home.
  • Check your gutters to make sure they are clear of leaves and debris.
  • Check your family emergency kit to be sure it is stocked with essential supplies to last a minimum of three days. Include items like flashlights and batteries, battery-operated radio, weather radio, water, canned food and manual can opener, first aid supplies and medications. Make an emergency kit with supplies for your pet, as well.
  • Review your family emergency and communications plan. Decide on a meeting place away from home where you and your family will gather if you need to leave your home and family members become separated.  The best flood protection comes from good communication before an event happens!

DURING THE STORM Flood protection

  • Know how to get emergency information for your area. 
  • Keep your battery-operated radio tuned to a local station, and follow all instructions. If you are told to evacuate, move out of the house or building to safe, high ground before access is cut off by floodwater.
  • Never walk or swim through swiftly moving water. Avoid already-flooded areas. Floodwaters that are above your knees are dangerous. Turn around and go back to higher ground.
  • Never try to cross standing or moving water in a vehicle. Water that is two feet deep can carry away most cars, including SUVs. If you find floodwaters on the road, turn around and find an alternate route.
  • Abandon your vehicle immediately if it becomes surrounded with water or the engine stalls. Seek higher ground immediately.

AFTER THE STORM

  • When it is safe to return to your home, be sure that the structure is not visibly damaged and in danger of collapsing before entering.
  • Do not use electrical appliances that have been wet. Do not turn on damaged electrical appliances because of the hazards of electric shock or fire.
  • Watch for live electrical wires. Be sure the electrical current is turned off and do not attempt to turn on any electrically-operated light or appliance until an electrician has checked your system.