CATASTROPHIC INSURANCE MATTERS
You’ve purchased a beautiful home! You did all you could to ensure that you made a wonderful investment. You shopped the right schools, you’re close to entertainment and natural recreational facilities and your property doesn’t require flood insurance because it’s nowhere near a 100 or 1,000 year flood zone. Along comes Mother Nature, shows us a beautiful display of cleansing downpour and BAM! Rivers have crested, dams and levees are breached and you find yourself in the worst situation - trying to decide on what is most valuable as you evacuate your most treasured investment of a lifetime.
Horrible scenario to consider, isn’t it? But those who live in Louisiana and now South Carolina know the impact of having gone thru this experience.
First – so long as your loved ones are safe, everything else will work itself out.
Second – Take all your important legal documents wrapped up in as a secured plastic bag as you can, jewelry, money, credit cards, and if you’re a legal gun owner, take it or secure it well (you would hate to find out that someone used your gun to do something awful later).
No one can prepare for the displacement that such a catastrophe causes. But there are things that you can proactively do to ensure that the impact is merely a temporary setback.
Everyone knows the phrase, ‘we don’t plan to fail we fail to plan’. We also know the phrase, ‘you don’t need insurance until you need insurance’. The folks of Louisiana and South Carolina know the importance of these two phrases first hand. They’ve lost a great deal and may have done everything ‘right’ as far as property insurance goes. However; these folks lost EVERYTHING. Perhaps even their good credit because they had to leave a destroyed/inadequately insured/uninhabitable property behind and had to stop paying the mortgage to make ends meet.
There’s no property insurance policy that covers these flood disasters other than our National Flood Insurance Program. This is an insurance policy that most won’t bother to get because they’re not in a flood prone area. The sad part is that most can get this additional insurance for very little cost per year.
Premiums for flood insurance coverage vary greatly from state to state and area to area, and depend on a variety of factors including flood risk and the value of the home being insured.
If your community participates in the National Flood Insurance Program, you can buy your flood insurance policy from a local insurance agent. An agent who lives in your area will have the best information about flood insurance that is specific to your community and can help determine your need for this coverage. If you need help with finding an agent, reach out to us at (210) 366-1162 and we’ll point you in the right direction.
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