Grow Financial Federal Credit Union
April 11, 2019

Why You Need Flood Insurance and What You Need to Know

If your home is located in a designated Special Hazard Flood Area, chances are, your mortgage lender requires flood insurance. If not, you’re off the hook, right? For flood insurance, yes. For a flood, don’t bet on it.

Fact is, floods are the second-most widespread natural disaster in the U.S., after wildfires, and damage caused just last month by record flooding in the Midwest is estimated to be at $1 billion. So, yes, you need flood insurance, and here’s what you need to know about this valuable coverage.

Q.) Doesn’t my homeowner’s insurance cover flood damage?
A.) Most homeowner’s policies don’t. Flood insurance is purchased separately.

Q.) Won’t I get government assistance if I don’t have coverage?
A.) Businesses can apply for a Small Business Administration loan, which has to be paid back with interest. Homeowners may get a FEMA disaster assistance grant, about $5,000 on average. Compare that to your average flood insurance claim–about $30,000. And you don’t have to pay back insurance money.

Q.) Who qualifies for flood insurance?
A.) Homeowners, renters and businesses in communities which participate in the National Flood Insurance Program. Your community probably does.

Q.) What does flood insurance cover?
A.) Flood policies are pretty comprehensive, covering both your home and its foundation, electrical and plumbing systems, major appliances, carpeting, and personal possessions such as clothing, furniture and electronics.

Q.) Is flood insurance affordable?
A.) Yes. Our affiliated insurance services provider, Quorum Insurance, LLC, offers Preferred Risk coverage at very reasonable rates.

Free Quotes! Call 800.714.1447

Quorum is an independent agency representing a number of flood insurance carriers and their agents can match you to the right policy, at the right price. It’s coverage you can’t afford to be without. Call today or get a quote online.

Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

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