Georgia Flood Insurance

Are you filing a claim for a flood loss? FEMA requires that the homeowner policy reject coverage PRIOR TO the flood policy providing coverage…

What does that mean?  It means that even though the homeowner policy provides no coverage, the homeowner is still required to process a homeowner policy claim and be denied coverage.  After the homeowner policy denies coverage, THEN the flood policy will pay.

Good news: The Georgia Insurance Commissioner directive mandates that insurance companies do not position this type of claim to adversely affect the homeowner policy.   Many times, an insurance company will provide “claim free” discounts.  Making a homeowner claim for FEMA requirements KNOWING there is no coverage on the homeowner policy is not to have a negative impact to the homeowner policy.

Flood insurance is added security for the Flood related claim.  Make sure you understand what flood insurance coverage.  The term FLOOD is defined differently among the logic and the government view.

Standard residential and commercial property policies normally exclude flood losses, due to their
catastrophic nature.

In response to an overall need for flood insurance, Congress passed the National Flood Insurance Act of 1968. This Act established the operation of a national program for providing this much-needed coverage. The National Flood Insurance Program (NFIP) is managed by the Mitigation Division of the Federal Emergency Management Agency (FEMA). Homeowners, commercial property owners, and residential and commercial renters desiring flood insurance must
procure this coverage directly through the NFIP or through the insurer who writes their homeowners
coverage in some cases.

Flood Definitions
A flood is a great flowing or overflowing of water, especially over land areas that are normally dry. There are several types of flooding.

• Coastal flooding occurs when hurricanes and storms produce heavy rains or drive ocean water onto land. Coastal flooding is also produced by tidal waves created by storms, earthquakes, or volcanoes. Beaches and houses are often swept away by the force of the water.
• River flooding is normally seasonal because of snowmelt or heavy rains. The water fills the river basin too quickly and the river flows over its banks. The floodplain becomes covered with water, often damaging homes and other property.
• Flash flooding is caused when small and powerful fast-flowing rivers are quickly formed because of excessive rainfall or dam failure, sometimes triggering catastrophic mudslides. Flash floods can be powerful enough to carry away roads, bridges, and other structures, and can occur with little warning.

We will post more information soon about flood insurance soon.  In the mean time, consider giving us a call for a quote or for more information about coverage.

1-877-MattLocke or 678-682-9700

Regarding basements, coverage is extremely limited:

Up to 4 items are covered in the basement if they are essential to operating the house – for example: the hot water heater, furnace, AC equipment, sump pumps, circuit breaker boxes , outlets & switches.
Drywall is covered, but we only nail it to the studs (no finishing work).
Clean up is covered .

There is no coverage for any other contents, carpet, flooring, electronics, kitchens, media room, furniture… nothing.  There is no endorsement available to expand the coverage.

Flood insurance is available for the business.  Coverage for the risk of flood damage is available for business personal property, business real property.

The application process is consistent to the underwriting issues of a personal line policy.  Grade of the structure, flood zone, location of property and systems, and more.  The Elevation Certificate continues to be a need to document each structure’s propensity to flood.

Need Flood coverage for your business?  Contact our agency for a solution that positions you to survive when water damages your business’ property.

Binding Flood coverage for the same day as the “need” is possible.  To be successfull, the following checklist has to be ready and in our possession early.  The possession of a Elevation Certificate is KEY to the success of binding today.

The only other requirement to bind Flood Insurance today is the impending sale/closing of the home.  Coverage can be provided at the time of closing.  If there is no pending purchase, flood insurance has a waiting period of 30 days to go in effect.

Planning, preparedness are terms we often think about when planning for hurricanes and other flood causes.  The reality is it takes planning and preparedness to obtain a flood policy too.

Are you ready to start the process?  We are ready to help… Our Flood Insurance specialist is ready for your call or online submittal.   We look forward to hearing from you.

http://www.GAFloodInsurance.com

Georgia Flood Insurance provided by a Georgia Flood Insurance Agent.

Quick Flood Insurance coverage for Georgia Property owners.

The process today requires much more preliminary work.

See the page that discussed the “Checklist” of how to get a Quote and Price for Flood Insurance.