Interested in Flood Insurance?

Did you know that flood insurance isn’t included on most personal and business insurance policies?  It’s true—language for standard homeowners, dwelling, and commercial property insurance policies typically exclude coverage for flood damage.  However, flooding is one of the largest causes of natural disaster loss and damage in the United States!  According to Insurance Information Institute, the payout made by insurance programs for flood damages caused by Hurricane Katrina alone were in excess of $16 million.

We strongly recommend that certain policyholders obtain Flood Insurance!

Even the Federal Emergency Management Agency (FEMA) urges policyholders to purchase additional flood insurance, noting that emergency assistance after a disaster is both limited and subject to repayment to the government.  Many mortgage lenders require that your property is covered.  Purchasing separate flood insurance can allow flood losses to be covered in the same manner that other perils are covered. You can purchase coverage under the National Flood Insurance Program (NFIP) to cover both residential and commercial properties and the tangible personal property contained within them.  Under this program, residential policyholders are eligible for up to $350,000 of reimbursement over two types of policies—$250,000 for property damage and $100,000 for personal property damage.  Under the same program, commercial policyholders are eligible for up to $1,000,000 of reimbursement over two types of policies—$500,000 for property damage and $500,000 for personal property damage.  FEMA encourages getting both policies, and excess coverage from private insurers is available for those with needs above and beyond the standard federal policy.

If you are a resident of Alexandria or your business is located in Alexandria, you may understand that city’s proximity to the Potomac River creates a greater risk for flooding. Learn more about the City of Alexandria’s flood insurance recommendations at their Flood Map Website.

Election out of Flood Insurance

Want to elect out of coverage?  That’s ok—while it’s recommended to get the coverage, we understand that you may want not want to take out this policy.  There is a particular form that we require our homeowner policyholder and commercial property policyholders to sign in order to elect out of purchasing the insurance coverage, and we’ve provided that form here in Adobe Acrobat format: Voluntary Election Not to Purchase Federal Flood Insurance

Value Insurance Agency Inc. can help you or your business determine whether which policy to get: the real property coverage, personal property coverage, or excess coverage. Contact us to begin setting up your policy today.

Click the following links to learn more about different insurance policies.