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Alabama is all too familiar with flooding. From hurricane season to heavy rains, Alabama is most known for the natural disaster of floods. In the past 10 years, Alabama flooding has cost the state more than $750 million in insured flood losses. To counter the damaging effects of flooding, more and more people across the state have purchased Alabama flood insurance.
Over the past several years, the percentage of the number of Alabama residents with flood insurance has continued to rise, indicating the importance of protecting against potential damages. Due to Alabama’s low lying elevation, the coastal residents are placed in high risk for flooding when a hurricane or tropical storm moves inland.
Protecting your homes and businesses in the event that flooding occurs is essential. Alabama flood insurance is intended to cover what standard home insurance policies do not. Based on the specific location of the home or business, the National Flood Insurance Program (NFIP) determines whether or not a home qualifies for flood insurance. Alabama residents in these communities will qualify.
At Citrin Law Firm, we understand that Alabama flood insurance is preventative measure taken by responsible individuals looking to protect their home. Insurance companies must pay to restore the home to pre-flood condition.
For more information, please complete a Free Case Review today.
Does homeowners’ insurance cover any kind of flood damage?
Homeowners’ insurance does not cover flood damage; however, flood policies may be purchased separately.
How long does my Alabama flood insurance last?
Flood insurance policies need to be renewed each year.
What kind of Alabama flood insurance exists?
Flood insurance can cover two types of property: building and contents (the structure and the what is contained inside of the property).
Is there any waiting period after purchase of insurance?
Yes, those who have paid the premium have a 30-day waiting period before the policy is effective.
Does federal disaster assistance fund my damages if a flood occurs?
Possibly. If the president declares a disaster, payments may be received in the form of a low interest loan and must be repaid with any remaining mortgage. However, there is also a possibility that no compensation will be given to cover the damages.
Does flood insurance exist for rented property?
Yes, Alabama residents who live in the communities approved by NFIP may purchase flood insurance.
How much flood insurance coverage can I purchase?
Coverage ranges in type and limit for flood insurance. A standard flood policy is $250,000 for a one to four-family structure, $100,000 for one to four-family home contents, and $500,000 for both business structure and contents.
What kind of flood damage does Alabama flood insurance cover?
Damages from hurricanes, river overflows, tidal waters, etc. are generally covered if at least two acres are affected and another property is affected (in addition to your own).
What is Increased Cost of Compliance (ICC) coverage?
Policy-holders may receive up to $30,000 if they are in high-risk areas. These areas present a special flood hazard and four coverage options are available: elevation, relocation, demolition, or flood-proofing.
What is a flood zone?
A flood zone refers to the land areas susceptible to flooding as stated by the Federal Emergency Management Agency (FEMA).
How can I protect my home from a hurricane?
While natural disasters are hard to predict, planning makes dealing with these disasters much easier. Alabama residents should have a plan in place for securing their homes, supply kits, escape options, pets, and prepare for potential floods. In addition, photos should be taken to document the pre-flood condition of your home and its contents.
How do I purchase more than what NFIP offers?
Excess Flood Protection is available through some private insurance companies. This policy offers limits greater than that of the NFIP.
Alabama is home to several types of severe weather throughout different seasons. Citrin Law Firm believes that Alabama residents have the rights to protect their property from damage and that those who have insurance must be compensated. Commonly, insurance companies will attempt to pay the least amount possible to barely cover the damages following a natural disaster.
At Citrin Law Firm, we fight to protect the rights of those who have purchased Alabama flood insurance. For further information, please complete a Free Case Review to get started today.
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