How “FloodSmart” are you?

Flood Facts from the National Flood Insurance Program.

 

Flooding: America’s #1 Natural Hazard!

Why Care About Flooding
Floods are the most common natural disaster in the United States. From 2002 to 2011, total flood insurance claims averaged more than $2.9 billion per year. In high-risk areas, there is at least a 1 in 4 chance of flooding during a 30-year mortgage. However, losses due to flooding are not covered under typical homeowner’s and business insurance policies.

Causes of Flooding

  • Hurricanes and tropical storms cause floods that can create far more damage than high winds.
  • Nor’easters, or extra-tropical cyclones, also cause flooding and storm surge.
  • Heavy rains, winter storms, and spring thaws bring flooding to river basins.
  • Overburdened or clogged drainage systems lead to property damage both within and outside floodplains.
  • Construction and new development affect natural drainage and create new flood risks.

 

Determine your Flood Risk at FloodSmart.gov
Is your property in a high risk or moderate to low risk area? Knowing your flood profile will help you understand your risk of financial loss.

Find out your relative flood risk right now online at FloodSmart.gov’s “Assess Your Risk”. Simply enter your property address to see your relative risk, find links to flood maps, and other flood insurance community resources.

Flood maps determine your level of risk. You can also view current flood maps at FEMA’s Map Store located at www.store.msc.fema.gov. FEMA is also undertaking a nationwide effort to produce new digitized flood maps for hundreds of communities over the next five years. These new maps will reflect changes in floodplains caused by new development and natural forces.

News for Low-Risk Properties

Expanded, Lower-cost Coverage
If a single family home or business is located in a low- to moderate-risk area, the owners may be eligible for the Preferred Risk Policy (PRP). For homeowners, this policy covers the home and contents for as little as $129 a year. PRP policies are available for businesses as well, saving about 30 percent off standard premiums. Contents-only PRP policies are available for renters, and business owners that lease their buildings. Ask an insurance agent for details.

Other Flood Precautions People Should Take
Being FloodSmart includes protecting your property before floods occur. Be sure that major appliances, electric switchboxes, outlets and heating equipment are well above potential flood levels. Install floating drain plugs and sewer system backflow valves to help prevent flood drain overflow.

Find Out More About Flood Insurance
Flood insurance is offered through the National Flood Insurance Program, which provides federally backed protection against flood losses. To find out more, call 409-729-5551

Flooding happens anywhere at any time!

Spring Flooding – Torrential Rain: New Jersey, March 2011

  • There were nearly 2,000 paid losses
  • Total paid amount was over $35 million
  • The average paid amount was over $19,000

Spring Flooding: Nashville, TN 2010

  • Some areas received nearly 20 inches of rain in a two-day period.
  • Numerous rainfall records were broken at the Nashville International airport, including the most rain received in a 6-hour period, highest calendar day rainfall, and wettest month, along with several others.
  • Fifteen observation sites had rainfall measurements exceeding the maximum observed rainfall associated with Hurricane Katrina landfall.
  • National Weather Service (NWS) radar-based estimates also showed a large area of 16 to 20 inch totals stretching from Nashville to Memphis.
  • The Cumberland River in Nashville hit a post flood control era crest of 51.86 feet, its highest level since flood control was implemented in the late 1960s, flooding parts of downtown Nashville.
  • 11,000 structures incurred major flood damage.
  • There were over 4,000 paid losses totaling over $226 million with an average paid amount of over $55,000.

Summer Flooding: Atlanta, Georgia, September 2009

  • 20,000 homes, businesses and other buildings received major damage
  • More than 23 counties received Federal Disaster Declarations
  • The flooding resulted in over 2,000 paid losses totaling close to $120 million with an average paid amount of over $58,500.

Spring Flooding – Torrential Rain: Texas, March 2009

  • Impacted areas had over 3,000 paid losses totaling more than $127 million with an average paid amount of over $38,500.

Summer Flooding: Midwest, June 2008

  • Iowa, Illinois, Indiana, Missouri, Minnesota, Nebraska, Wisconsin were affected by floods
  • Iowa was hit the hardest – widespread rainfall totals ranged from 4 to over 16 inches
  • Flooding lasted up to two weeks in places and caused the worst floods in 15 years
  • Areas impacted by the flooding had over 3,000 paid losses totaling close to $140 million with an average paid amount of over $41,000.
  • Floods affected 36,000 people and submerged millions of acres of land

Summer Flooding: NJ, NY, PA, June 2006

  • Six states and the District of Columbia experienced flooding
  • Flooding caused $1 billion in damages
  • Areas impacted by the flooding had close to 6,500 paid losses totaling more than $228 million with an average paid amount of over $35,500.

Do I Need Rental Car Reimbursement Insurance?

Protect yourself from paying to drive when your car is in the shop.

You drive to and from work every day. You take your kids to the ballgame. You go shopping. Have you ever wondered if your car were in an accident, how you would be able to survive without a car? We have the answer. It’s Rental Car Reimbursement Coverage to the rescue. The good thing about car insurance is that you can buy a number of endorsements for additional protections and rental car reimbursement is one of them.

What Rental Car Reimbursement Covers

Rental reimbursement provides financial protection for you if you need a vehicle when your car is damaged in an accident covered by your Comprehensive or Collision coverage.  Rental reimbursement is generally available only with policies that include collision and comprehensive coverage.

How Do I Know if I have It

The first several pages of your insurance policy are called the declarations pages. These pages contain the declarations of the coverage you have purchased for each of your vehicles and include the specific description of your vehicle(s). Look for a line item listed as “Rental” or“Extended Transportation,” with a dollar amount listed to the side of it. You have purchased this insurance only if there is a dollar coverage amount next to it and there is a policy premium amount listed for the insured vehicle. You may purchase the coverage for one vehicle but not for another, at your option.

How Rental Car Reimbursement Works

The optional rider offsets the daily cost of a rental vehicle for a specific time period and up to the specific daily limit you purchased. You can generally purchase limits of $20/day and 600/30days or $30/900 or $40/1200.

The first number indicates the daily maximum coverage and the second is the maximum coverage for 30 days. For example, if you purchase 30/900, the policy would pay up to $30 per day for up to a maximum of 30 days or $900, whichever comes first.
Some insurance carriers have pre-arranged agreements with several car rental agencies that may include direct bill and pre-negotiated rates. Remember, if you exceed your policy limits, you are responsible for the difference. You should select a rental rate based on the type of car you need. If you have a family SUV, you should select a daily rental rate for a comparable vehicle.

How Do I Know When I Am Covered?

If you purchased the coverage, you are insured while the vehicle is in the shop being repaired after an accident or breakdown, up to your coverage limits. If your vehicle is not drivable, you may be able to get a rental vehicle before your vehicle is being repaired, but always check with your agent first. If your vehicle is stolen, call the insurance company or your agent immediately after calling the police to report the car stolen.

What It Costs

The cost of rental car reimbursement coverage is generally quite reasonable.   It can bring peace of mind knowing you won’t be forced to go without a vehicle should something happen to your car.

We Can Help

As your independent insurance agent, F B Taylor Insurance Agency can help you select the appropriate daily rental car reimbursement limit for you. Contact us when you are purchasing your auto insurance and we can help you find the right insurance company for you. Call 409-729-5551 or send
us an email today.