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March 7, 2022
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 purchasing flood insurance, yes. For a flood, don’t bet on it.
In 2021, there were 20 weather disaster events with losses exceeding $1 billion each to affect the United States, including two flooding events.1 About 90 percent of all U.S. natural disasters involve flooding, and Federal Emergency Management Agency (FEMA) says just one inch of floodwater can cause as much as $25,000 in damage to a home.2
Sounds to us like flood insurance is a good idea. Here’s what you need to know about this valuable coverage.
Frequently Asked Questions About Flood Insurance
Doesn’t my homeowners insurance cover flood damage?
Most homeowners policies don’t. Flood insurance is purchased separately.
Won’t I get government assistance if I don’t have coverage?
Businesses can apply for a Small Business Administration loan, which must 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.
Who qualifies for flood insurance?
Homeowners, renters and businesses in communities that participate in the National Flood Insurance Program. Your community probably does.
What does flood insurance cover?
Flood policies are comprehensive, covering both your home and its foundation, electrical and plumbing systems, major appliances, carpeting, and personal possessions such as clothing, furniture and electronics.
Is flood insurance affordable?
Yes. Our affiliated insurance services provider, Quorum Insurance, LLC, offers Preferred Risk coverage at very reasonable rates.
Free, No-Obligation 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.
1NOAA National Centers for Environmental Information (NCEI) U.S. Billion-Dollar Weather and Climate Disasters (2022). https://www.ncdc.noaa.gov/billions/. Accessed March 1, 2022.
2National Flood Insurance Program (NFIP). https://www.fema.gov/flood-insurance. Accessed March 1, 2022.
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.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal and home equity loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733