Princess Anne Office

30386 Mt. Vernon Road

Princess Anne, MD 21853

Flood Insurance

Did You Know?

Did You Know?

Your homeowners insurance policy does not normally cover flood damage.

Before you purchase a flood insurance policy, it is important to review what is covered and what is not covered. You should also compare the coverage and exclusions of both flood insurance and your existing homeowners.  Contact Landmark Insurance & Financial Group to review your Flood Insurance today!

As the name implies, a standard flood insurance policy, which is made available by the National Flood Insurance Program ( NFIP), provides coverage up to the policy limit for damage caused by flood.

  • The dictionary defines “flood” as a rising and overflowing of a body of water onto normally dry land.
  • For insurance purposes, the word “rising” in this definition is the key to distinguishing flood damage from water damage.

Generally, damage caused by water that has been on the ground at some point before damaging your home is considered to be flood damage. Examples of flood damage may include:

  • A nearby river overflows its banks and washes into you home.
  • Surface water caused by a heavy rain seeps into your basement because the soil can’t absorb the water quickly enough.


Why Purchase a Flood Policy?

Flood damage to your home can be insured only with a flood insurance policy — no other insurance will cover flood damage. To determine if your home is located in a flood plain, contact your county planning office. If you are living in a flood plain, flood insurance may be an excellent purchase.

  • Please note: For your flood policy to be considered full coverage you must have both building and contents covered.
  • A flood insurance policy normally takes 30 days from the date of purchase to go into effect. So, don’t wait until a flood is imminent to buy a policy.

Here are some informative facts about floods, flood damage, and flood insurance from FEMA:

  • Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. Floods cost America, on average, $8.2 billion each year (according to 2015 data).
  • Recovering from just one inch of water inside your building can cost about $27,000. 
  • Homeowners and renters insurance do not typically cover flood damage.
  • Floods can happen anywhere--More than 20 percent of flood claims come from properties outside the high risk flood zone.
  • Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
  • Most federal disaster assistance comes in the form of low-interest disaster loans from U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don't need to be paid back, but this amount is often much less than what is needed to recover. A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA--and you don't have to pay the money back.

If you think that you may need to speak to someone about Flood Insurance, call an Agent at Landmark Insurance & Financial Group today!