Kokomo Indiana Flood Insurance
Why do I need flood insurance in Kokomo Indiana, even though my community has never been flooded?
The fact of the matter is that flooding can occur anywhere, from moderate-to-low risk areas as well as in high-risk locations. People who live near water are not the only ones who experience flooding. Floods move rapidly and often unpredictably, and can spread for miles. They can have strong currents with the power to sweep away everything in their path, leaving a thick residue of mud and debris behind. In Kokomo Indiana, there is a considerable amount of geound water that comes about when the ground becomes saturated with water and has no place to go. Even homes on high ground far away from anybody of water can suffer extensive flood damage because of groundwater. In fact, nearly 25 percent of flood insurance claims in Kokomo Indiana come from medium to low-risk areas.
Poor drainage systems, rapid accumulation of rainfall, snowmelt, and broken water mains can all resultin serious floods. Unfortunately, there is a good possibility that homes located in high-risk flood areas will suffer severe flood damage at some point over the course of a 30-year mortgage. In a high-risk location, your home is more than twice as likely to be damaged by a flood than by fire. For these reasons, flood insurance is required by law in Kokomo Indiana for homes in high-risk flood areas as a condition of receiving a mortgage from a federally insured lender.
Doesn't my homeowner's insurance cover flood damage?
Homeowners' insurance policies in Kokomo Indiana do not typically cover such things as flooding, landslides, and earthquakes. A special policy or rider is needed to cover damage from these and other special hazards. Check with your Killingbeck Insurance agent to find out what is and is not covered in your Kokomo Indiana homeowner's policy.
Won't the federal government cover my flood damage?
Unfortunately, federal flood disaster assistance is only available if the president of the United States declares a disaster in your area. Additionally, federal assistance is often only available in the form of a loan, which must be paid back in full with interest. By contrast, if you're covered by Killingbeck Flood Insurance, you can be reimbursed for all losses, even if your area in Kokomo Indiana is not declared a disaster.
The national flood insurance program is actually run by the Federal Emergency Management Agency (FEMA). This government-run agency sets the rules and the rates, and allows a small number of private insurance agencies to write policies on their behalf. FEMA's premiums are based on the property location and amount of coverage requested. Properties can be classified as being in a special "flood hazard zone' or in a regular non-hazard zone. Obviously, the closer your home is to a flood-prone body of water, the greater the likelihood that it will be classified as a "special flood hazard zone area". Kokomo Indiana flood insurance premiums are higher if your home is located in a special flood hazard area.
All municipalities in Kokomo Indiana maintain flood maps, and can tell you which flood zone your homeis located in. Properties located in hazard zones may be eligible for discounts based on the elevation of the home and the type of foundation used. In general, the higher the elevation, the less likely the chance of flood damage and the lower the insurance rate.
At Killingbeck Insurance & Tax preparation, we can review the flood zone in which your home is located, determine the structure and foundation type, and review the best coverage options and deductions available to you. Our protection team is well versed in giving you the best flood coverage at the lowest possible price.
Want to learn more about flood coverage from Killingbeck Insurance? Contact us today!
At Killingbeck Insurance, we routinely talk to our clients about flood insurance coverage and the changes that continue to occur on the federal level. We are passionate about this subject because of all the situations we have experienced in our long history in Kokomo Indiana. The various disasters we have endured over the years have done considerably damage to many homes, businesses and other properties in our communities. That's why it is so important to us that you have the best flood insurance protection possible. The good news is that excellent flood coverage is available and the trained professionals at Killingbeck Insurance & Tax Preparation can make it affordable for you! Check out the Insurance Quotes section on our website today to find out more or call (765) 452-8000 to obtain a hassle-free quote from our Kokomo Indiana Flood Insurance Experts.