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FLOOD INSURANCE Vs. DISASTER ASSISTANCE
Date: February 28, 2008
Author: American Bankers
THE BENEFITS OF FLOOD INSURANCE VERSUS DISASTER ASSISTANCE
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FLOOD INSURANCE
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DISASTER ASSISTANCE
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You are in control. Flood insurance claims are paid even if a disaster is not declared by the President.
Roughly, 25% of all claims paid by the National Flood Insurance Program are outside the high-risk areas.
There’s no payback requirement.
Flood insurance policies are continuous and are not cancelled for repeat losses.
Flood insurance reimburses you for all covered losses up to $250,000 for residences and $500,000 for businesses.
The average cost of a $100,000 flood policy is $400 a year ($33 a month)
The average cost of a $50,000 flood policy is a little less than $200 annually, depending on where you live or less than $ .55 a day.
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Most forms of federal disaster assistance require a presidential declaration.
In every case, the disaster victim must register for assistance and establish eligibility.
The most typical form of disaster assistance is a loan that must be repaid with interest.
The average duration of s Small Business Administration (SBA) disaster home loan is 20 years.
The average individual and family grant payment is less than $2,500.
The average cost of a $50,000 SBA loan is $3,888 a year ($324 a month) on top of any existing home loan.
Repayment on a $50,000 SBA disaster home loan is $311 a month or $3,730 annually, plus the cost of paying off the existing home loan.
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Never Say Never
Don’t Wait To Buy Flood Insurance.
Don’t be one of those in the medium or low-risk areas (B, C and X zones) that didn’t have flood insurance and were flooded. Roughly 25% of all claims are in these areas. Don’t depend on the government to bail you out. A federal disaster must be declared, federal loans still need to be repaid, your home loans still need to be paid, and flood insurance still needs to be purchased. The average cost of a flood policy is $400. Call your flood insurance specialist today and be prepared.
Remember the standard waiting period is 30 days after purchase for a policy to take effect.
NOTE: All Statistics from FEMA, 2006 and FloodSmart.gov
Call us today!
Bell-Anderson Agency, Inc.
1-800-LOW-COST
(1-800-569-2678)
Underwritten by:
American Bankers Insurance Company of Florida
American Reliable Insurance Company
Assurant Specialty Property
P.O. Box 4337
Scottsdale, AZ 85261-4337
1-800-423-4403
AR5349A-R0207 jb/jasm Flood Insurance © Assurant, Inc. 2007
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