Flood Insurance

In June 2010, over 11 inches of rain fell on the Northern area of Oklahoma City in about 12 hours. The rain had nowhere to go and quickly spilled over creek banks onto roads and into neighborhoods. Over 40 homes were damaged by flood waters that climbed as high as their window sills. Roads were washed away and even a bridge was closed because floodwaters created a new path around the bridge.

Most of the flooded homes did not have flood insurance because they lived in a low risk area, not a flood zone. Homeowners insurance doesn’t cover floods, so the homeowners were responsible for replacing their belongings and repairing the many thousands of dollars of flood damage out of their own pockets. After the skies cleared, meteorologists said this storm set a record for the heaviest 1-day rain in Oklahoma City history.

Why consider flood insurance for low-risk areas?

As the scenario described above suggests, you may think that your home is safe from flooding… until it isn’t. And when that happens, it’s too late to do anything about it. Weather phenomena like El Niño, La Niña, and global warming are frequently cited as factors influencing climate change.

Here are some additional points to consider when deciding if you should consider buying flood insurance:

  • According to the Insurance Information Institute, when it comes to natural disasters in the U.S., flooding tops the charts as the most common and costly natural disaster.

  • Their study suggests the frequency of these storms is likely to increase, along with the severity of the storms.

  • For the period between March 2015 to August 2016, 18 major flood events impacted Oklahoma, Texas, Louisiana and Arkansas.

How to get flood insurance

Flood insurance is not included in homeowners insurance, but is instead a separate policy issued by the National Flood Insurance Program (NFIP). In addition, some private insurance companies offer flood policies. Most independent insurance agents (like Comma Insurance) are able to provide you with a quote for flood insurance. Since policies are offered under a federal government program, pricing has been standardized.

NFIP flood policies offer:

  • Replacement cost coverage for structures up to $250,000, which pays to rebuild your home.

  • Actual cash value coverage up to $100,000 for personal possessions.

If your home or possessions are valued above those limits, your Comma Insurance agent can provide you with insurance quotes for additional coverage from private insurance carriers.

One thing to keep in mind: there is a 30 day waiting period from the time you apply for flood insurance until coverage takes effect, except in the event of a new home purchase.

Keep Track of What You Own

Today it is easier than ever to create a portable record of the things you own. In the event that a flood washes away your prized collection or a fire destroys your furniture and clothes, a home inventory will provide you with the information you need to quickly process your claim and replace those items.

The weather is constantly changing and often dramatic. Contact Comma Insurance to protect your home against floods and other weather related disasters. Let us help you protect the life you’ve built and find an insurance policy that is perfect for your peace of mind.