When a storm hits in North Carolina, buildings can become submerged, roads flooded, and livestock drowned. Are you adequately protected from flood damage?
If you lived or worked in North Carolina in 1999, then you know how destructive storms were that year. Floyd alone dropped at least 15 inches of rain on the state. Flooding was the most damaging in the state’s history, with damages topping $3 billion in NC. Flood insurance is essential in situations such as this, but even smaller storms can cause severe damage. For example, four years later, Isabel caused about $1 billion in damages.
In NC, flood insurance is one of those policies you certainly do not want to be without. Different types of flood insurance policies are available based on your property’s location and flood history:
Standard Flood Insurance Policies
If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by standard flood insurance. North Carolina residents should be aware that the NFIP was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
Preferred Risk Flood Insurance Policies
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance, North Carolina residents in low-to-moderate risk areas, should consider a preferred risk policy which will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In NC, flood insurance claims often occur in low-to-moderate risk areas.
If you lived or worked in North Carolina in 1999, then you know how destructive storms were that year. Floyd alone dropped at least 15 inches of rain on the state. Flooding was the most damaging in the state’s history, with damages topping $3 billion in NC. Flood insurance is essential in situations such as this, but even smaller storms can cause severe damage. For example, four years later, Isabel caused about $1 billion in damages.
In NC, flood insurance is one of those policies you certainly do not want to be without. Different types of flood insurance policies are available based on your property’s location and flood history:
Standard Flood Insurance Policies
If you live in a community that participates in the National Flood Insurance Program (NFIP), your building and its contents can be covered by standard flood insurance. North Carolina residents should be aware that the NFIP was established by the Federal Government to help communities who “voluntarily participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage.” To be considered a flood, the waters must cover at least two acres or affect at least two properties. You must apply for building coverage and contents coverage separately if you choose to invest in a standard flood insurance policy.
Preferred Risk Flood Insurance Policies
If your home or business is in a low or moderate risk zone, your building may qualify for a low-cost preferred risk policy. While you aren’t required to purchase flood insurance, North Carolina residents in low-to-moderate risk areas, should consider a preferred risk policy which will protect your home and its contents if you are affected by a small flood or a larger flood that has extended into your low-risk area. In NC, flood insurance claims often occur in low-to-moderate risk areas.