Flood insurance covers losses to your property directly caused by flooding, meaning an excess of water on land that is normally dry affecting two or more acres of land or two or more properties. The thing to remember is that no home is 100% safe from potential flooding. One inch of water in a home can create more than $25k of damage on average. The NFIP or National Flood Insurance Program, established by Congress in 1968, offers two types of coverage – building and contents. Homes and businesses in high risk flood areas with government backed mortgages are required to have flood insurance. The foundation, electrical and plumbing, finishings, appliances, electronics, personal belongs and more are covered by a policy. This coverage is not just for homeowner’s but for business owner’s and renters alike. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
