Home Insurance - Know Your Property Flood Zoning Part 2
As brought to you in a previous article, we learnt that FEMA has placed over 20, 000 communities into different categories of flood zones. The zones tell you whether your property is in a high flood risk area. The following is the concluding part of the list:- 1.The High Risk Zones Zone AO. These are areas that have stream or river flood hazard, areas with 1% or more chance of shallow flooding each year, usually in form of sheet flow, with an average depth ranging from 1 to 3 feet. These areas also have a 26% chance of flooding during the life of a 30year mortgage. The average flood depths gotten from detailed analysis are shown within these zones. Zone AR.
Home Insurance Risk For Flood Plain Areas
The insurance industry has warned that many new homes could be left on the housing market and become un-insurable unless the government introduces new rigid planning controls for flood risk areas. By the year 2020, a third of the 3 million proposed homes set to be built in Britain, could be on a flood plain according to the Association of British Insurers (ABI). If this is the case the ABI have warned their members that they may not be able to continue to offer flood cover as standard on home insurance policies. The ABI's assistant director, Justin Jacobs said, "The government's ambitious housing plans are in jeopardy unless we reduce the flood risk. In the last year, thirteen major developments have been given the go-ahead despite Environment Agency advice on the flood risk" Jacobs insists that insurers do want to continue to provide flood cover for homeowners, but warned that poor decisions on planning would create homes that would become too hard to sell, insure and live in, he said, "Where a local authority plans to ignore flood risk advice, the government should step in and review the proposals and be compelled to publish their decision.
Flood Insurance For Your House
Most people around the world believe that flooding, earthquakes and other natural disasters have nothing to do with them. However this belief should be thoroughly verified. Even modern weather forecasts may be sometimes inaccurate or delayed. Mother nature always keeps some surprises for us up its sleeve, so why not be cautious in advance instead of suffering irreparable consequences afterwards? Disasters like river floods, heavy thunderstorms, hurricanes, levee failures, malfunctioning of drainage systems and so forth are those factors that can inevitably lead to flooding. So along with theft, burglary, fire, etc. the risk of flooding is really substantial.
What to Do If a Flood Hits You
A full year has passed since floods battered the UK leaving thousands of homeowners reaching for their home insurance policies to bail them out of a financial disaster. So what lessons can we learn in case the floods strike again? The first message is to ensure your home insurance policy is up to date. Make sure there is nothing that could invalidate a claim - such as if your home is currently in a state of disrepair - and ensure all of your latest purchases are included under the contents element of your policy. From there, take preventative measures to limit the effects of any flooding that does strike. Move any valuable items and furniture to the second level of your home, move sockets higher up the walls and stock up on sandbags in case bad weather strikes.
Flood - The Forgotten Insurance!
ONLY Flood Insurance Protects against the Risk of Damage from Floods! Your business or home has a 26 percent chance of being damaged by a flood during the course of a 30-year loam, compared to a 9 percent chance of damage or loss due to fire. Floods can occur almost anywhere at anytime - not just near water. Flooding is the #1 natural disaster in the United States, and has caused nearly $1.6 million in damages in Alaska and $23.8 billion in the U.S. over the last 10 years. Flood coverage is sold separately from all other types of insurance coverage. Protection from flood damage is available for protection from loss for commercial buildings, residential buildings/homes, and renters' personal belongings.