TUCSON ARIZONA | FLOOD INSURANCE EXPERTS | RIGHTSURE INSURANCE GROUP
It seems like every month we receive a call from A Loan Officer, Real Estate Agent or New Home Buyer asking questions about Flood Insurance. Most people react the same way when told they need Flood Insurance in Arizona ( WHAT ? - but it's A-R-I-Z-O-N-A )they scream as they slowly enunciate each letter.
We hear you, and it does seem wierd to be in a landlocked state and being required to puchase flood Insurance.
We could take this time to share with you the 25, 50 and 100 year Flood Statistics or give you some eye popping graphs about the massive floods of 2005. But, this article isnt about the History of Flood Insurance, its about Flood Insurance itself and what it covers.
The First thing you need to know is:
YOUR HOME INSURANCE POLICY DOES NOT COVER FLOODING.
Since standard home insurance doesn't cover flooding, it's important to have protection from floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding. Find out more about the NFIP and how it can help you protect yourself.
Flood insurance protects two types of insurable property: building and contents. The first covers your building, the latter covers your possessions; neither covers the land they occupy.
Building Coverage Includes
- The insured building and its foundation
- The electrical and plumbing system
- Central air conditioning equipment, furnaces, and water heaters
- Refrigerators, cooking stoves, and built-in appliances such as dishwashers
- Permanently installed carpeting over unfinished flooring
Contents Coverage Includes
- Clothing, furniture, and electronic equipment
- Portable and window air conditioners
- Portable microwaves and dishwashers
- Carpeting that is not already included in property coverage
- Clothing washers and dryers
The two most common reimbursement methods for flood claims are: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.
All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.
WANT TO KNOW MORE ?
Visit our website at www.rightsure.com or call us at 520-901-7010