When it comes to flooding in Michigan, you don’t have to live by water to be at risk. Approximately 30% of all flood claims occur in low to moderate-risk areas. Homeowner insurance does not cover flood damage, but Federal Flood Insurance does. Flood insurance also covers mudflow, dirt, and debris resulting from moving water.
Homeowners with mortgaged property in a Special Flood Hazard Area (SFHA) are now required by federal law to obtain flood insurance. Lenders must comply by requiring flood insurance on the outstanding mortgage balance for the life of the loan.
Fortunately, Flood Insurance in Michigan is affordable through trusted insurance agencies like Melton Mcfadden. The average loss of property and contents from the 1993 Midwest flood was more than $25,000. Compare this to the average annual flood premium of about $300 per year.
Michigan Flood Insurance Facts
Your coverage is based on your home’s value, minus your land value. Flood Insurance up to $250,000 is available for residential buildings and also the option of up to $100,000 for contents. Since flood policies are backed by the US government, all valid claims are 100% guaranteed.
There is a 30 day waiting period for flood insurance, so the best way to protect your home is to act now before the flood comes! Remember, just because you experience a flood disaster, that doesn’t mean you have to experience financial ruin.
Who Can Get Flood Insurance?
Flood insurance is available through the National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA). Homeowners, renters, and businesses in the communities that participate in the NFIP can get flood insurance to recover faster after a flood.
If you need Michigan flood insurance, you can get it through a local insurance agency like Melton McFadden. We can help you get the right coverage to mitigate potential financial losses in case a flood damages your property and personal belongings.
Types of Flood Insurance Coverage
The NFIP offers two types of flood insurance coverage: Building and Contents. Building coverage covers your building, and contents covers your possessions. Additional information on each is below:
Building converge covers your insured property and its foundation, including permanently installed carpeting, bookcases, cabinets, paneling and window blinds. Building coverage also covers appliances such as stoves, refrigerators, freezers (including the food they store), washing machines, built-in dishwashers, and detached garages.
Essential systems, such as electrical, plumbing, water heaters, furnaces, heat pumps, central AC, sump pumps, water tanks and pumps, fuel tanks, and solar energy equipment are also included in this type of coverage.
Contents coverage covers your personal property that was damaged during the flood. Personal belongings such as furniture, clothing, electronics, washers and dryers. Portable and window AC systems and portable dishwashers and microwaves. Also included are curtains and any carpeting that building coverage doesn’t include.
Another main function of contents coverage is that it covers any original artwork or similar valuable items of up to $2,500 in value.
You can get both these types of coverage or purchase either one of them separately. But if a flood damages your home or commercial property, it might be more beneficial to have both.
What Is Not Covered by Flood Insurance?
Your Michigan flood insurance policy won’t cover any personal belongings that you store in a basement or other underground spaces. It also won’t cover any paper valuables, precious metals, currencies, vehicles, and outdoor properties, such as pools, fences, and decks.
Flood insurance doesn’t cover temporary housing, neither if a potential flood renders your home inhabitable, nor does it cover your temporary living expenses. It also doesn’t cover any mold or moisture damage that you could have avoided.
Contact Melton McFadden Today for the Best Michigan Flood Insurance
Whether you live in a high-risk or low-risk flood area in Michigan, getting flood insurance is a smart step for protecting your finances. It can help you get back on your feet quickly if a potential flood damages your property and personal effects.
Melton McFadden is here to help you find the best Michigan flood insurance policy and get the peace of mind you deserve. We’ve partnered with many leading insurance companies that offer favorable policies at the most competitive prices in Michigan.
Contact us today to get a free quote and find out more about our insurance partners and available policies.