African American Families Urged to be Prepared
Natural Disasters - Flooding is the # 1 Natural Disaster

Studies have found African Americans, as well as other minorities, to be disproportionately vulnerable to disasters. And, since flooding is the nations number one natural disaster, flood insurance is something every African American family should seriously consider.

Most people arn't thinking about flood insurance when the skies are blue and the sun is shining. It seems inconceivable that flood waters could destroy your home and change your way of life. However, every year millions of people in the US are hurt by floods. As we said, It's the nation's number one natural disaster.

Below are a few facts of life every adult should know about floods and the National Flood Insurance Program ( NFIP ).

• Floods and flash floods happen in all 50 states.

• Everyone lives in a flood zone. (For more information on Flood Zones, visit our Flood Zones Explained.)

• Most homeowners insurance do not cover flood damage.

• If you live in a Special Flood Hazard Area (SFHA) or high-risk area and have a Federally backed mortgage, your mortgage lender requires you to have flood insurance.

• Just an inch of water can cause thousands of dollars in damage to your property.

• Flash floods often bring walls of water 10 to 20 feet high.

• A car can easily be carried away by just two feet of floodwater.

• Hurricanes, winter storms and snow melt are common (but often overlooked) causes of flooding.

• New land development can increase flood risk, especially if the construction changes natural runoff paths.

• Federal disaster assistance is usually a loan that must be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2,880 a year) for 30 years. Compare that to a $100,000 flood insurance premium, which is about $400 a year ($33 a month).

• If you live in a moderate-to-low risk area and are eligible for the Preferred Risk Policy, your flood insurance premium may be as low as $129 a year, including coverage for your property's contents.

• You are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program. Check the Community Status Book to see if your community is already an NFIP partner.

• It takes 30 days after purchase for a policy to take effect, so it's important to buy insurance before the floodwaters start to rise.

• In a high-risk area, your home is more than twice as likely to be damaged by flood than by fire.

• Anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.

• The average annual U.S. flood losses in the past 10 years (2001-2010) were more than $2.7 billion.

• When your community participates in the Community Rating System (CRS), you can qualify for an insurance premium discount of up to 45%. Read more about CRS Ratings.

• Since 1978, the NFIP has paid over $36.9 billion for flood insurance claims and related costs (as of 12/31/10).

• Over 5.5 million people currently hold flood insurance policies in more than 21,000 communities across the U.S.

Call Franklin with your questions, for information or for a FREE, no obligation quote on flood protection for your home or business and your way of life. Call: 888-567-9600

Franklin Flood Insurance

Franklin Flood, LLC  -  120 East Uwchlan Avenue, Suite 101  -  Exton, PA 19341  -  Toll Free 888-567-9600  -  Fax 610-524-0900

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African Americans are disproportionately vulnerable to disasters and are urged to be prepared. more....

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The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which went into effect July 1, 2014, restores grandfathering and much of the previous affordable rate structure and more reasonable regulations. For the consumer this means that NFIP Flood Insurance is affordable and obtainable again.

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Flood Insurance Misconceptions

Flooding is the United States #1 natural hazard in the United States.

The National Flood Insurance Program wants consumers to know that homeowner's insurance won't cover them against flooding.

However, they can protect their home and property by purchasing a flood insurance policy separately through their local insurance agent.

The NFIP urges consumers to remember the flood insurance basics:

• You CAN get NFIP Flood Insurance nationwide.

• You CAN get flood insurance if you live in a floodplain or high-flood-risk area.

• You CAN get flood insurance if you live outside a floodplain, or a low-to-moderate flood-risk area, - and at lower cost.

• You CAN get flood insurance if your property has been flooded before.

• You CAN get flood insurance from insurance agents in your area.

• You CAN buy flood insurance even if your mortgage broker does not require coverage.

Call Franklin: 888-567-9600

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