22 Oct Cheap Flood Insurance In Nevada
Cheap Flood Insurance In Nevada
Whether you support it or not, gambling is the main industry in the state of Nevada. While millions of tourists flock to the state to gamble their money for a chance to win a fortune, residents of the Silver State might participate in a different type of gambling. While much of the state is arid and desert-like, the chance for flooding along rivers and the chance for flash floods in any area of the state is quite high no matter where you live. Without proper flood insurance, you might be taking a gamble that your property won’t become just another statistic. Finding cheap flood insurance in Nevada may seem like an impossible proposition, but with a little work you will likely be able to find a policy that fits your needs and lowers the risk that you will be financially impacted by flood damage.
Typical homeowners’ and business insurance policies do not cover damages that result from floodwaters. With as little as an inch of water able to cause over $10,000 worth of damages, you can see how quickly a little extra water can cause a lot of extra headache. If you are hesitant to spend money on an “extra” insurance policy and are considering not purchasing a policy because you are not located in a high-risk area, consider this statistic: Over 60% of properties which are rebuilt or repaired using government flood loans (which are issued only when severe flooding occurs) are in areas outside the Special Flood Hazard Areas, which have a 25% chance of flooding at least once during a 30-year period.
If you are looking for cheap flood insurance in Nevada, the first step you should take is to determine which program offers the best policy for you. From its inception in the late 1960s to the early part of the 21st century, the National Flood Insurance Program (NFIP) was the only flood insurance provider. Now, in a limited number of states with high flood risks like Nevada, the National Catastrophe Flood Insurance Program has also begun issuing flood insurance policies. Each program offers flood insurance policies that will provide you with the funds you need to repair or rebuild after a flood, but the types and amounts of coverage they provide can differ, as well as the premium rates they offer.
Once you have found a program which offers a policy that fits your insurance needs, you are still able to take steps that will lower your insurance premiums even more. When you install expensive items like furnaces or air-conditioning units, install them at a level that is higher than the base flood elevation for the area. Installing flood vents allows high water to pass beneath a building rather than be impeded by it, lowering the chance that the water will build up and erode the soil beneath the building. Both of these modifications are examples of flood mitigation steps the Federal Emergency Management Agency has set forth to show home and business owners how they can simultaneously reduce their risk of flood-related damage and lower their flood insurance premium.
Cheap flood insurance in Nevada can certainly be found with a little research and planning. Begin the search process today to ensure that you are financially protected if a flood impacts your area.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.