Greenbook: A Local Guide to Chesapeake Living - Issue 9 | Page 32

IMPORTANT THINGS
TO KNOW…
Unless required by
a mortgage, there is
usually a 30-day waiting
period from the date of
purchase before your
flood insurance policy will
go into effect. So the best
time to purchase flood
insurance is today!
An elevation certificate
may be required if your
building was built, or
substantially improved,
on or after the date of
the community's initial
Flood Insurance Rate Map
(FIRM). This certificate
verifies the elevation of
the lowest floor of your
building relative to the
ground. Check with
your agent to see if your
building is Pre-FIRM
or Post-FIRM before
purchasing an elevation
certificate.
According to FloodSmart.
gov, the average flood
insurance policy costs
about $700 per year and
the average 2014 flood
claim in the state of
Maryland was $18,065.
Flood insurance is
offered by The National
Flood Insurance Program
(NFIP), a federal program,
and can be purchased
through most leading
insurance companies.
Rates are set and do not
change from company
to company or agent
to agent. Rates depend
on several factors, such
as the date and type of
construction of your
home, along with your
area's level of risk.
32

GREENBOOK | FALL/WINTER 2016

FLOODS HAPPEN

Are you Ready?

THIS ARTICLE WAS COMPILED WITH INFORMATION AND ADVICE FROM INSURANCE
EXPERTS AT JACK MARTIN INSURANCE AGENCY, JACKMARTIN.COM

EVERYONE NEEDS FLOOD INSURANCE! One of the most important
things to understand about flood insurance is, what exactly is considered
a flood in regards to flood insurance?
According to FloodSmart.gov, a flood
is a general and temporary condition
where 2 or more acres of normally
dry land or two or more properties
are inundated by water or mudflow.
Therefore, water damage caused by
poor drainage systems, rapid accumulation of rainfall, snowmelt, or broken
water mains could all be considered
a flood and would not be covered by
your homeowners insurance policy.

Flood insurance policies provide two
types of coverage:
• Physical damage coverage for building
property
• Coverage for possessions.
Personal contents coverage would
extend to things like:
• Personal belongings, such as clothing,
furniture and electronics
• Portable appliances, such as window air
conditioners and microwave ovens
• Washers and dryers
• Food freezers and the food in them
• Certain high-value items such as artwork and furs (up to $2,500)
Some things that are never covered
by flood insurance are:
• Damage caused by moisture, mildew or
mold that could have been preventable
• Currency, precious metals and valuable
papers such as stock certificates
• Property and belongings outside of a
building such as trees/plants, wells, septic
systems, decks, fences, seawalls, and
swimming pools
• Additional living expenses and loss of use
• Most self-propelled vehicles such as cars