If it can rain, it can flood. It’s something we remind our members of, and that precaution pertains to all of us.
In the past five years, floods have affected all 50 states, and more than 20 percent of all flood claims come from areas that are considered moderate-to-low-risk areas – where most of us live.
In fact, floods are the top natural disaster in the United States, occurring more often than tornadoes, earthquakes or hurricanes.
A mortgage company may require flood insurance when a home is in a high-risk area, but many who live in moderate-to-low-risk areas may not be covered. This is Flood Safety Awareness Week, and with spring approaching, it’s a good time to review your own flood insurance policy to make sure you have the protection necessary in case the unexpected occurs.
“Flood insurance isn’t part of your typical homeowner’s coverage,” says Jim Clifford, director property and casualty loss prevention and safety programs. “Finding out that you don’t have the policy protection you need after a flood can cause undue financial and emotional distress. By taking the time to review your policy now, identifying potential gaps in coverage and making the necessary decisions to fill those gaps, you’ll have peace of mind. And that’s something you simply can’t put a price tag on.
The typical homeowner’s policy doesn't include flood coverage, and in some locations, you may also need to obtain a wind-only insurance policy. Flood insurance can be purchased separately through the National Flood Insurance Program. The maximum limits of coverage available on the federal flood policy for residences are $250,000 on the building and $100,000 on contents. If you need additional flood insurance coverage beyond these amounts, you can contact USAA Insurance Agency which works with other insurance companies that provide excess flood coverage.
Flood insurance is not underwritten by USAA or its affiliates, and is provided by USAA General Indemnity Company, through an arrangement with the Federal Emergency Management Agency. The Federal government has financial responsibility for underwriting losses.