Arizona Flood Insurance
Most Arizona home owners do not realize flood losses are not covered by your AZ home insurance policy. It is a common misconception that Arizona home insurance covers damages that arise from a flood (flowing water).
Why might you need Arizona Flood Insurance? Every year Arizona floods damage homes and property. Most of the damage happens within the Arizona flood zones. However just because your home is not in an Arizona flood zone, does that mean you safe and will never need Arizona flood insurance. Here is the official website to see if your home is in an Arizona Flood Zone.
National Flood Insurance
Congress established the National Flood Insurance Program (NFIP) in 1968 as a way to provide protection to consumers. While we will issue your Arizona flood insurance policy for you, all Arizona flood policies are written through the NFIP.
The following statistics are provided by F.E.M.A.
Your home has a 26% chance of being damaged by a flood during the course of a 30-year mortgage, compared to a 9% chance of fire. About 25% of all flood claims are for policies in low- to moderate-risk communities. Since 1978, over $31 billion for flood insurance claims and related costs have been paid.
Over 5 million people currently hold flood insurance policies in more than 20,000 communities across the U.S.
A "flood" as described by the NFIP is simply the collection of excess water on land that is normally dry.
Who Needs Arizona Flood Insurance
You don't have to live near a river or ocean to be at risk for a flood. In Arizona most types of floods occurs from a flash flood, which can strike anywhere at any time when a large volume of rain falls within a short time. Even a couple inches of rain can cause your home to suffer flood damage.
A standard Arizona flood policy will cover structural damage, furnace, water heater and air conditioner, flood debris clean up, and floor surfaces. You can also buy added coverage for furniture and other personal property.
If you live in an area considered a high-risk area and you have an Arizona mortgage that is secured by the federal government, federal law requires you to purchase Arizona flood insurance. Typically, your Arizona mortgage company will inform you during the closing process or your Arizona real estate agent during the purchase process if your home is in a Arizona flood zone.
Arizona Flood Insurance Coverage
An Arizona homeowner can get coverage on their Arizona flood insurance for up to $250,000 and contents for $100,000. A renter can cover their belongings up to $100,000.