If you think we might be able to help feel free to contact us to determine your insurance needs. Insurance providers for Lloyds or London, AIUA, USF&G, Lexington and National Security.
| Flood Insurance: |
The vast majority of flood insurance is provided through the National Flood Insurance
Program (NFIP) and regulated through FEMA. |
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| What is a flood? |
FEMA describes flood as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties from:
- Overflow of inland or tidal waters;
- Unusual and rapid accumulation of runoff or surface waters from any source
- Mudflow
Collapse of subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levers that result in a flood as defined above |
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| All homes are located in a flood zone… |
| However, not all flood zones are deemed Hazardous. Homes located in Non-Hazardous Zones (B, C, or X Zones) are not required by lenders to carry flood insurance; however, it is strongly recommended as many flood claims occur in Non-Hazardous Zones. The cost of flood insurance in Hon-Hazardous zones will usually be less than $350/year. |
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| COBRA Zone (Coastal Barrier Resource Area Zone): |
| According to FEMA, The Coastal Barrier Resources Act of 1982 removed the Federal government from financial involvement associated with development in these previously undeveloped and protected areas. These barriers were mapped, deemed COBRA zones, and banned the sale of NFIP flood insurance for structures built or improved on or after a specified date (1983). The purpose of this Act seems to be an effort to slow down growth in Coastal Areas in order to protect the integrity of the coastal wildlife habitats.
The Carriers willing to offer flood coverage in COBRA zones are extremely limited; however, Southern Alabama Insurance Agency currently has markets that are providing COBRA flood insurance in Gulf Shores, Orange Beach, and other parts of Alabama. |
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| Neat Facts: |
- The National Flood Insurance Program was founded in 1968
- In most cases the NFIP provides an Actual Cash Value Policy or ACV, which is the replacement cost at the time of loss, less the value of physical depreciation
- Building coverage limits for single family residences is $250,000; Contents or Personal Property coverage is limited to $100,000
- Burst water pipes and over flowing appliances are not considered floods and may be covered in your homeowner’s policy
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