With Spring time quickly approaching, we know that the rainy season is about to start. This means a greater chance for flooding in our small town of Claremore, Oklahoma. There are many popular yet incorrect notions about the National Flood Insurance Program that can lead homeowners and businesses to pass up this easy and important safeguard. Here are some truths about flood insurance that can help residents.
Myth: My Oklahoma Homeowners’ insurance policies cover floods.
Fact: No, most standard multi-peril home and business insurance policies do not cover flooding. The National Flood Insurance Program (NFIP) is the only way a homeowner, business owner or renter can limit the cost of damages from flooding. Homes, businesses, personal property and business inventory contents are covered for flood by the NFIP. Policies may be purchased through private insurance companies, such as RCI Insurance Group, or directly from an NFIP Agent.
Myth: You cannot buy an Oklahoma flood insurance policy if you do not live in a high flood-risk area or if your home or business was flooded in the past.
Fact: You can buy an Oklahoma flood insurance policy no matter where you live in the state of Oklahoma, provided your community participates in the National Flood Insurance Program. You are still eligible to purchase flood insurance even if your home, apartment or business has experienced a flood. Even if your area is not considered a high flood-risk, all areas are susceptible to flood. Nearly 25 percent of all NFIP claims are from outside high flood-risk areas.
Myth: You cannot buy an Oklahoma flood insurance policy immediately before or after a flood.
Fact: You can buy an Oklahoma flood insurance policy anytime, but there is a 30-day waiting period after the first premium payment before the policy becomes effective. There are exceptions: There is no waiting period when making, increasing, extending, or renewing a loan. The waiting period is reduced to one day during the first 13 months after a change to the local flood insurance rate map (FIRM). If the building or home was recently revised by the FIRM to be a high flood-risk area, an NFIP policy takes effect one day after the first premium payment.
RCI Insurance, located in Claremore Oklahoma, please call us at 918-341-6081 or visit our website at http://www.rci-ins.com.