Flood Insurance

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Flood insurance provides some protection from the destruction and financial devastation caused by floods. Although it may not seem like much, even a few inches of water can cause serious damage, resulting in thousands of dollars in repair and restoration costs. Unfortunately, homeowners insurance does not cover floods. Purchasing a flood insurance policy through the Bye Insurance Agency can help protect you!

Although it may not seem as necessary as homeowners insurance, flood insurance is important if you want to keep your home safe and your possessions secure. Flood insurance covers losses incurred by water rising from the ground level.

Different policies are available based on location and flood history:

Standard Flood Insurance Policies If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by a standard flood insurance policy. The NFIP was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two adjacent properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.

Preferred Risk Flood Insurance Policies If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance in low-to-moderate risk areas, a preferred risk policy will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In truth, many flood insurance claims occur in low-to-moderate risk areas.

Don’t wait for a flood! Contact the Bye Insurance Agency today at (410) 544-4300 for a free quote!