Think you don’t need flood insurance? Perhaps you don’t live near water, or maybe you have a great homeowners policy. The truth is, every home is at risk of flooding. Before passing on flood coverage, here are five things you should know.
1. Every home is in a flood zone.
According to the National Flood Insurance Program (NFIP), nearly 20% of all flood insurance claims are made by homeowners living in areas considered a low risk for a flood. That means regardless of whether your mortgage company required you to purchase flood insurance, your home is at risk for flooding.
2. No homeowners insurance policy covers flooding.
It’s a common misconception that homeowners insurance covers flood damage, but the truth is only flood insurance covers flood damage. Without it, the cost of the damage comes out of your pocket.
3. You can’t rely on the federal government to pay for flood damage.
Federal assistance is only available if the president declares an area a disaster. Even then, the assistance is not compensation for your losses, but rather a low-interest loan that requires repayment with interest, along with your mortgage.
4. Flood losses are costly.
Most people don’t realize that just a few inches of floodwater can do thousands of dollars worth of damage. In a 2,000 square foot home, one inch of water can cause as much as $27,000 or more in damage to your home and its contents.
5. Flood polices are affordable.
AAA can help protect your home with rates starting at less than $1 per day.* In 2017 the average amount of flood coverage was $252,261, and the average annual premium was $707.
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Rates effective April 1, 2019. These PRP rates are for 1-4 Family Residential without a basement or enclosure. Other residential building and contents coverage combinations are available. Premium includes a 15% Reserve Fund Assessment, $25 Federal Policy Fee, Increased Cost of Compliance, and $25 HFIAA surcharge for policies covering primary residences only if the named insured’s primary residence is a single-family dwelling, an individual condominium unit, or an apartment in a non-condominium building. Add $225 to the HFIAA surcharge for all other policies. Add the $50 Probation Surcharge, if applicable. Deduct the Increased Cost of Compliance if the risk is a condominium unit.
Flood insurance purchased through AAA is underwritten by a participating insurer of the National Flood Insurance Program (NFIP). The NFIP is administered and regulated by the Federal Emergency Management Agency (FEMA).
* The full annual premium must be paid prior to policy inception. In certain circumstances, flood insurance can be canceled and a refund can be issued. For additional information about cancellation, please contact your agent.
From changing flat tires roadside to jumping car batteries in your driveway to providing car towing with a tow truck when you need it, AAA Roadside Assistance can help get you on your way. AAA Roadside Assistance is the nation’s most comprehensive roadside assistance provider. Need towing services? Need help changing a flat tire? Have a dead car battery? Simply call or make an online request - it's that easy! As a member, you’re covered in any car – whether you are the driver or passenger.*
|Car Battery Replacement or Boost|
|Extrication & Winching|
|Fuel Delivery Service|
|Minor Mechanical First Aid
|Flat Tire Service|
|Car Locksmith Service|
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Upon activation and with proper identification, AAA will provide regular AAA services and full privileges for the new member. Roadside benefits begin 3 days after payment of dues. Some restrictions apply.
*Roadside Assistance is provided by independent facilities contracted by AAA. Visit aaa.com/memberhandbook for full details on eligible vehicles and the limitations and restrictions of service. Membership benefits vary with membership levels and are subject to change without notice. Coverage in taxis and limousines is excluded. Offers, terms, conditions and policies are subject to change without notice.
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