![]() ![]() “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from: overflow of inland or tidal waters and unusual and rapid accumulation.” Flood Causesįloods are caused by multiple issues, acting alone or together with others. Most flood insurance policies recognize a very broad definition of “flood” which is: Definition of “Flood”įor coverage to apply, a flood needs to occur. Flood Riskĭetermining your risk of flood can be determined by by contacting us or by using opens in a new windowFEMA’s flood mapping tool. Our form includes all the information needed to quote a private flood insurance policy, a program offering the same coverage as the NFIP but with a greatly streamlined application process. Bankers Insurance offers affordable flood coverage through the NFIP and private market. Complete it and an agent will be in touch with you in short order. Our simple flood quote form is all that is needed to get the process started. Homes and businesses in high-risk flood areas with mortgages from government-backed lenders are required to have flood insurance. Certain private market flood policies have shorter waiting periods. The waiting period can be waived if a lender is requiring the coverage due to a new home sale or increasing, extending, or renewing a loan. NFIP flood insurance policies require a 30 day waiting period for coverage to go into effect. ![]() Flood insurance means you’ll be reimbursed for all covered expenses. Depending on where you live, this average could vary substantially Depending on your deductibles, the cost of your home and contents, your premiums can change. Cleanup and mitigation costs are a major percentage of every loss. The average cost per policy in North Carolina through the NFIP is 714.78. Flooring, molding, wallboard, electrical, plumbing, and even heating and air conditioning systems can all be damaged by even a minor flood event. Minimal amounts of water, just and inch in your home or building, can cause significant structural damage.
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