AUTO INSURANCE ARTICLE
State Auto to Offer Flood Insurance
By: coppeneurEvery property in America is in a flood zone, with some simply at greater risk than others. As the number one natural disaster in the United States, floods can be devastating for property owners and entire communities, causing more than $2 billion in property damage in our country every year. Just an inch of water can cause thousands of dollars in damage to a property and its contents, which is not covered by a typical property insurance policy.
“Homeowners and commercial property policies protect our customers from most unexpected events, but were not designed to protect against flooding,” said State Auto Chairman, President and CEO Bob Restrepo. “Because property owners have a greater chance of suffering flood damage during the course of a 30-year mortgage than fire damage, a flood insurance policy is something every property owner should consider.”
The affordability of flood insurance may be surprising. For example, a homeowner in a low-to-moderate risk area eligible for a Preferred Risk Policy could see a flood insurance policy premium as low as $119 a year, including coverage for the property’s contents.
The flood insurance policies offered by State Auto are underwritten by the National Flood Insurance Program (NFIP) of the Federal Emergency Management Agency and administered by National Flood Services (NFS). NFS been serving as a third-party administrator for carriers like State Auto since 1985.
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