Flood Insurance

from Summit Insurance Advisors

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Do you live in an area of Phoenix and Scottsdale Arizona where there is the possibility of a flood?  If so do you know if your home insurance policy will cover damage caused to your home by a flood?

One of the little known facts about home insurance is that it often doesn't cover flooding. It's crucial to have protection from floods and storms and heavy rains that impact the U.S every year.

Flood insurance is something most people in Phoenix, AZ doesn't spend a lot of time worrying about.  But if your home is damaged to due to a flood, or a strong storm you may be left to pay for the damages by yourself.

Congress created the National Flood Insurance Program (NFIP) in 1968 to provide a means for property and home owners to financially protect themselves. The NFIP provides flood insurance to homeowners, renters, and business owners- if their community participates in the NFIP and accepts it. To reduce flood risks, participating communities agree to enforce safety guidelines which meet FEMA requirements for qualification. By working together, communities can be better protected against flood risk. Find out more about the NFIP to see how it can help when applicable.

Flood Insurance Coverage in Phoenix, AZ

There are two types of insurable property covered by flood insurance: building and contents. The first option takes care of your building itself, the latter covers your possessions.

Building coverage includes

• The insured building and its foundation
• The electrical and plumbing system
• Central air conditioning equipment, furnaces, and water heaters
• Refrigerators, cooking stoves, and built-in appliances such as dishwashers
• Permanently installed carpeting over unfinished flooring

Contents coverage includes

• Clothing, furniture, and electronic equipment
• Curtains
• Portable and window air conditioners
• Portable microwaves and dishwashers
• Carpeting that is not already included in property coverage
• Clothing washers and dryers

There are two common reimbursement methods for flood claims: Replacement Cost Value (RCV) and Actual Cash Value (ACV). RCV is the cost to replace damaged property. It is reimbursable to owners of single-family, primary residences insured to within 80% of the buildings replacement cost.

All other buildings and personal property (i.e. contents) are valued at ACV, which is the RCV at the time of loss, minus physical depreciation. Personal property is always valued using ACV.

Our offices are conveniently located at:

Phoenix office:

10214 N Tatum Blvd #A1500
Phoenix, Arizona 85028

Scottsdale office

5425 E Bell Road Suite 103
Scottsdale, Arizona 85254

Content provided by FloodSmart.gov

Summit Insurance Brokers has been providing Arizona flood insurance for many years, and the expert agents in our Phoenix AZ insurance office take pride in servicing the flood insurance needs of Phoenix, Scottsdale, Mesa and Paradise Valley. Live outside of Arizona? We've expanded our flood insurance offerings to California and Maryland.