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Homeowners look into flood insurance

By Staff | Mar 6, 2009

Rugby is not situated on a river, but measurable rain last fall, coupled with an above-average snowfall this winter, has created a concern about flooding for homeowners – so much so that some residents have purchased flood insurance, which is available only through the federal government

Steve Mueller, Nodak Mutual Insurance agent in Rugby, has processed a handful of flood insurance applications for clients.

There is a 30-day waiting period before the program kicks in, so those interested in purchasing flood insurance should act now by contacting an insurance agent.

Keith Gault, of Rugby Insurance, said the agency has had a lot of calls regarding flooding.

Flooding is not offered in a homeowner’s policy but is available through the National Flood Insurance Program.

What constitutes flooding?

Rugby is miles away from a river, but overland flooding is a concern.

Overland flooding caused by rapidly melting snow or heavy rains getting into basements, or even a water hydrant break, would qualify for flood insurance.

However, Gault cautioned that in those circumstances policies would provide only basic coverage of flooding in basements. They would cover cleanup costs, replacing studs and a few other expenses. They wouldn’t cover replacing furniture, or carpeting.

And water seepage into a basement does not qualify for insurance coverage, Gault said.

Homes located in low areas with a high water table are more susceptible to flooding, and the fact Rugby has accumulated quite a bit of moisture since last fall makes the thought of purchasing flood insurance enter many residents’ minds.

However, if a homeowner is looking at buying the coverage, they should do so azzzzzsoon, Gault and Mueller both advise, as there is a month waiting period before the annual policy takes effect.

Flood Insurance Facts

Everyone lives in a flood zone

You don’t need to live near water to be flooded…Floods are caused by storms, melting snow, hurricanes, water backup due to inadequate or overloaded drainage systems, or dam failure.

Flood damage is not covered by homeowners policies

You can protect your home, business and belongings with flood insurance from the National Flood Insurance Program..You can insure your home with flood insurance for up to $250,000 for the building and $100,000 for its contents.

You can buy flood insurance no matter what your flood risk is

It doesn’t matter whether your flood risk is high or low. You can buy flood insurance as long as your community participates in the National Flood Insurance Program.

The low-cost Preferred Risk Policy is ideal for homes and businesses in low to moderate-risk areas

Homeowners can insure buildings and contents for as little as $112 per year..business owners can insure building and contents for as little as $500 per year…residential renters can insure contents for as little as $39 a year.

Flood insurance is affordable

The average flood insurance policy costs a little more than $400 a year for about $100,000 in coverage.

Flood insurance is easy to get.

You can buy NFIP flood insurance from private insurance companies and agents..and can purchase it with a credit card.

There is usually a 30-day waiting period

Plan ahead so you’re not caught without flood insurance when a flood threatens your home or business.

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