Flood insurance enables you to maximize protection in the event that your property is damaged or destroyed by flooding. Lack of coverage can translate to financial ruin for your household. It has been shown that even just a few inches of water can cause considerable damage to a home. This results in costly repairs and put a dent in your finances. Typically, homeowners insurance does not protect you from flooding. Hence, it is vital to take out an insurance policy that is specifically designed for flooding. The Marcus Group offers special plans that can help you restore your property following water damage.
Flood insurance is particularly important for anyone who lives in a flood-prone area. On another level, climate change is contributing to an increase in severe weather events, including localized flooding. But you don't need to live in a high-risk area for flooding. 25% of all flood events happen in low to moderate risk areas. This necessitates taking out flood insurance with the aim to keep your home and possessions protected.
You can count on the Marcus Group to help you recover after storm surges, persistent rainfall, snow melts or flooding caused by blocked storm drainage systems. The insurer offers tailored policies that are based on your area's flood history and the exact location of your property.
Standard Flood Insurance Policies
Standard flood insurance policies are designed for residents of a community, which participates in the National Flood Insurance Program (NFIP). The homes and contents of enlisted residents are covered against water damage. The program was introduced by the government with the aim to assist communities that live in flood-prone areas cope with the effects of localized flooding.
The government also uses the initiative to enforce floodplain management ordinances that play a major role in the reduction of flood damage. Communities can join the program voluntarily and adopt a variety of NFIP protection systems. Any flooding event that affects at least two properties or covers an area measuring at least two acres is handled under the program.
If residents opt for standard flood insurance policy, they are invited to apply for coverage of their properties separately.
Preferred Risk Flood Insurance Policies
The low-cost preferred risk policy, on the other hand, is aimed at protecting properties in areas that fall under the low or moderate risk zones. This type of policy is not mandatory but it provides much-needed protection if the property is affected by flooding. The Marcus Group offers preferred risk flood policies that are affordable and tailored to individual needs.