Category: Insurance

Understanding Flood Risk in Oklahoma

According to data from the Federal Emergency Management Agency (FEMA), certain areas with only a 1% chance of encountering a flood are classified as “high risk.” Alarmingly, there are locations in Oklahoma harboring a 26% chance of flooding over the course of a 30-year mortgage.

Flood-prone Areas in Oklahoma

Each location within the bounds of the state bears differing risk levels. Some of the most severe flood instances have been recorded in the areas surrounding Keystone Lake, West Tulsa, and Bixby. Moreover, the plucks of Oklahoma City have felt the tremors of serious water disasters.

Flood Maps and Risk Assessments

Using flood maps and risk assessments, you can find further insights about Oklahoma’s worst flood cases and risks linked with your location. Just remember, there is no such thing as zero risk, particularly concerning Oklahoma’s varied terrain.

Advice from Oklahoma City

Regardless of whether you’re a resident of Oklahoma City, the following advice is pertinent if you live in a floodplain. For thare unsure about their situation, it would be beneficial to ascertain their standing promptly.

Preventive Measures

It is strongly recommended that buildings in floodplains must maintain a minimum of one foot above the base elevation to minimize damage. These areas also need insurance, similar to the provisions offered by Insurance Source Solutions.

The Importance of Flood Insurance

In terms of insurance, it is of paramount importance to note that a basic homeowner’s insurance plan does not cover flood damage. Neither does the renter’s insurance. Also, don’t assume any other natural disaster coverage will compensate for a flood if it is not expressly included in the policy text.

Application Process and Waiting Period

Do bear in mind that there is a stipulated waiting period before your insurance coverage comes into play. Therefore, it necessitates collecting and preparing your data in anticipation of applying for a policy.

Procrastination is Not an Option

It’s crucial to act swiftly, especially for homeowners residing in floodplain regions. Delaying insurance procedures only serves to jeopardize your safety. Extend a hand towards securing the best flood insurance that fits you by contacting Insurance Source Solutions today.

In insurance, a peril is a listed eventuality that affects a structure such as fire, storm damage, flooding, and other threats. Listed perils fit into very narrow perimeters sometimes but are covered by insurance. Flooding, though, isn’t covered under a normal homeowner’s policy, but a policy can be obtained separately.

Insurance Source Solutions in Oklahoma might have certain conditions that should be met, such as written notice of a loss, evidence of the amount of the loss, cooperation in settling the loss, and fraud prevention just to name a few. What other perils are involved in flood insurance?

Do You Need All-Risk Or Named Perils Insurance?

If your home isn’t in a flood zone, susceptible to hurricane damage, or in an earthquake zone, then you have a couple of choices. Named perils insurance lists both perils that are covered by insurance as well as those not listed. This could be good for homeowners not living in a perilous area.

All-risk insurance would be good for those homeowners who want to be prepared should an errant earthquake rattle their cages or a hurricane suddenly turn inward and cross their path. It covers all perils except war, government seizure, and nuclear threats, among others.

For those homeowners wishing to have flood insurance when it isn’t included in their homeowners’ policy, a rider is available for added consideration.

Covered Perils

Although planes, trains, and automobiles aren’t usually high on homeowners’ lists of things to insure against, they are listed as perils. Flood insurance does protect against the thawing of ice and snow and the damage caused by them, unexpected water events like burst pipes, and any other accidental event concerning water.

Oklahoma insurers such as Insurance Source Solutions are giving homeowners more and better options for insuring their structures. Not only that, but insurers will write you extra protection policies for whatever you need. Call us or pop into the office to learn more.