Why have flood insurance, if the government provides free help?
Why have flood insurance, if the government provides free help? Many people view flood insurance as unnecessary considering that if their area is ever flooded by a storm or hurricane, the president of the United States will declare the area a federal disaster, and government aid will begin to flow.
Why pay for protection that the government will give me for free? they argue.
Indeed, the first thing that must happen is that the president declares the affected area a federal disaster zone, something that does not happen in all floods.
Even if an area is declared a federal disaster area, and the claimant lacks flood insurance, they will only receive help for damages that exceed the limits of a typical National Flood Insurance Program (NFIP) policy. That is, for damages that exceed $ 250,000 in structures and $ 100,000 in content.
Another assistance is generally available after these disasters, but these will be in the form of loans. Just do a little math, whoever receives a loan for about $ 250,000 to repair their home after a flood, could end up paying $ 200 or $ 300 a month for 20 years.
However, having flood insurance for coverage of $ 100,000 can be equivalent to paying $ 35 a month.
And if the property in question is located in an area considered low risk, the monthly payment could be even less.
It’s definitely best to call Univista Insurance and purchase the cheapest flood insurance in Florida.