5 MISCONCEPTIONS ABOUT WHO CAN BUY FLOOD INSURANCE

According to FEMA, misinformation about flood risk and the NFIP falls into several categories. Here are 5 misconceptions followed by the facts:

#1 Misconception: You can only buy flood insurance if you are located in a high-risk flood area.

Fact: There are no restrictions on who can purchase a flood insurance policy, however, the majority of those who purchase flood insurance, live in areas affected by flooding. For property located in a Special Flood Hazard Area (SFHA) -- an area with a 1 percent chance of flooding in any year -- lenders usually require borrowers to purchase flood insurance as a condition of receiving a federally-backed mortgage loan.

#2 Misconception: You can't buy flood insurance immediately before or during a flood.

Fact: You can purchase flood insurance at any time. There is usually a 30-day waiting period after you've applied and paid the premium before the policy is effective.

#3 Misconception: Flood insurance is only available for homeowners.

Fact: Flood insurance can provide up to $100,000 of coverage for the contents of any residential building, which includes the contents of a renter's residence.

#4 Misconception: Homeowners insurance will pay to repair and replace property that is damaged by flooding.

Fact: Unfortunately, many homeowners do not find out until it is too late that their standard homeowners policy excludes any coverage due to water damage from flooding.

#5 Misconception: Only residents of high-risk flood zones need to insure their property.

Fact: One-third of NFIP insurance claims involve property not located in an area identified as a high-risk zone. Even if you live in an area which is not flood-prone, it's advisable to have flood insurance. Flooding can be caused by extreme weather events such as heavy rainfall or hurricanes as well as new developments which decrease ground absorption of water.

At Apron Agencies, we are here to educate you and clear up any misconceptions about insurance coverage. We strive on making sure our clients have the right coverage at the right price! Call us today at 504-416-0237 or visit our website at www.apronagencies.com.

Apron Agencies, "Like momma in the kitchen, we got you covered".

HOW TO REDUCE FLOOD RISK IN YOUR NON-ELEVATED HOME

Here is a guide from FEMA, "Reducing Flood Risk to Residential Buildings That Cannot Be Elevated." FEMA'S publication presents a range of flood protection measures available as alternatives to traditional structural elevation for homeowners whose residences meet both of the following conditions:

1 - The residences are existing buildings. This publication does not address new construction in areas prone to flooding. These structures should be sufficiently elevated and built in conformance with NFIP and local floodplain management regulations.

2 - The residences must not be Substantially Damaged or Substantially Improved, meaning that the buildings have not sustained damage or undergone improvement (i.e., reconstruction, rehabilitation, addition) where the cost of the damage or improvement exceeds 50 percent of the market value of the building before the damage occurred or improvement began. As with new construction, Substantially Damaged or Substantially Improved structures must be rebuilt in conformance with NFIP and local floodplain management regulations.

To read more from the guide from FEMA, click here.

If you have questions about flood insurance, don’t hesitate to call us at (504) 416-0237. Apron Agencies - Like momma in the kitchen, we’ve got you covered.

REMEMBERING OUR VETERANS ON MEMORIAL DAY

Memorial Day is a time to thank those men and women who have given their lives out of duty and commitment to our country. It is also time to recognize our veterans and their families who continue to make daily sacrifices on our behalf.

Because of those who serve, we enjoy freedom.

On this Memorial Day, remember this:

It is the soldier, not the reporter,
Who has given us freedom of the press.
It is the soldier, not the campus organizer
Who has given us the freedom to demonstrate.
It is the soldier, not the lawyer
Who has given us the right to a fair trial.
It is the soldier, who salutes the flag,
who serves under the flag,
and whose coffin will be draped by the flag.

— Father Dennis Edward O’Brien (USMC)