FLOOD

Oklahoma Flood Insurance

Flood Insurance

Because this could be the year the 100-year flood shows up

In June 2010, over 11 inches of rain fell on the Northern area of Oklahoma City in about 12 hours.  The rain had nowhere to go and quickly spilled over creek banks onto roads and into neighborhoods.  Over 40 homes were damaged by flood waters that climbed as high as their window sills.  Roads were washed away and even a bridge was closed because floodwaters created a new path around the bridge.  
Most of the flooded homes did not have flood insurance because they lived in a low risk area. Homeowners insurance doesn't cover floods, so the homeowners were responsible for replacing their belongings and repairing the damage to the tune of tens of thousands of dollars.  

After the skies cleared, meteorologists said this storm set a record for the heaviest 1-day rain in Oklahoma City history.  

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Why consider flood insurance for low-risk areas?

As the scenario described above suggests, you may think that your home is safe from flooding, until it isn't. And when that happens, it's too late to do anything about it. Weather phenomena like El Nino, La Nina, and global warming are frequently cited as factors influencing climate change.  
Here are some additional points to consider when deciding if you should consider flood insurance. 
  • According to the Insurance Information Institute (iii.org), when it comes to natural disasters in the U.S., flooding tops the charts as the most common and costly. 1
  • Their study suggests the frequency of these storms is likely to increase along with the severity of the storms. 2
  • For the period March 2015 to August 2016, 18 major flood events impacted Oklahoma, Texas, Louisiana and Arkansas. 3
  • Many parts of Oklahoma recorded record rainfall during the six month period from March to August 2015. 4
Sources: 
1. http://www.iii.org/issue-update/flood-insurance
2. http://floodlist.com/america/usa/extreme-downpours-increase-fivefold-across-parts-us
3. https://weather.com/storms/severe/news/flood-fatigue-2015-2016-texas-louisiana-oklahoma
4, https://weather.com/storms/severe/news/flood-fatigue-2015-2016-texas-louisiana-oklahoma

How to get flood insurance

Flood insurance is not included in homeowners insurance but is instead a separate policy issued by the National Flood Insurance Program (NFIP). In addition, some private insurers offer flood policies.  

Most independent insurance agents (like Trustpoint Insurance) are able to provide you with a quote for flood insurance. Since policies are offered under a federal program, pricing has been standardized.  
NFIP flood policies offer:
  • Replacement cost coverage for structures up to $250,000 which pays to rebuild your home
  • Actual cash value coverage up to $100,000 for personal possessions. 
  •  This type of coverage factors in depreciation, so the older something is, the less you will receive. 
If your home or possessions are valued above those limits, your Trustpoint agent can provide you with quotes for additional coverage from private insurance carriers.  
One thing to keep in mind: there is a 30 day waiting period from the time you apply for flood insurance until coverage takes effect.  

Keep track of what you own

Today it is easier than ever to create a portable record of the things you own.  In the event that a flood washes away your prized collection or a fire destroys your furniture and clothes, a home inventory will provide you with the information you need to quickly process your claim and replace those items.  

To help you make that as easy as possible, you can download a free app by visiting KnowYourStuff.org
Oklahoma weather is constantly changing and often dramatic.  Contact TrustPoint Insurance today to protect your home against floods and other weather related disasters.  Call 405.225.2820 to learn more. 
            405-225-2820
            service@trustpointok.com
Hours:  M-F 8:30am -5:00pm
Other hours by appointment

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