It’s a common misconception that flooding will be covered under your standard home insurance policy, however, this is not the case. Flood hazards will require a separate dedicated policy, and our agents at The Merhar Agency LLC can assist you in weighing your options. <\/p>\n
There are water damage events that homeowners’ policy will cover, but these are from causes like leaky roofs impacted by excessive snow or a burst pipe. Flooding, however, is generally defined as a situation where water touches the ground before it enters your home. This can be from wet weather streams, a flash flood, or a river or creek overspilling its banks. <\/p>\n
Put simply, the outlay from floods is too costly for homeowners’ indemnifications to collectively cover. A single hurricane, for example, can wipe out entire communities, and the damage is often catastrophic. <\/p>\n
Homeowners’ premiums need to remain affordable as insurance companies are able to stay in business, and there needs to be a margin of profit between overhead expenses and the influx of customers. In 1968, after several crippling flood disasters, the federal government created the National Flood Insurance Program, instituted to handle flood insurance claims. <\/p>\n
FEMA estimates that the average flood claim is $52,000, and while flood insurance is not required in the Willoughby, OH region, it is invaluable for people whose homes are situated in low-lying areas. Your lender will usually require flood insurance while there is an outstanding balance on your home if you live in a flood plain. <\/p>\n
We specialize in providing insurance products and services to meet a broad array of life situations and events. Speak to us today about scheduling an in-person appointment to discuss the particulars of your situation. We serve clients living in and around Willoughby, OH. <\/p>\n","protected":false},"excerpt":{"rendered":"
It’s a common misconception that flooding will be covered under your standard home insurance policy, however, this is not the case. Flood hazards will require a separate dedicated policy, and our agents at The Merhar Agency LLC can assist you in weighing your options. Why You Need Flood Insurance There are water damage events that homeowners’ […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[14,13],"class_list":["post-66","post","type-post","status-publish","format-standard","hentry","category-flood-insurance","tag-the-merhar-agency-llc","tag-willoughby-oh"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t