Cornerstone National Insurance Company

Cornerstone Insurance Says The Risk of Flooding Has Never Been Greater

The Cornerstone National Insurance says on its flood insurance web page that the risk of flooding has never been greater. They encourage customers, presumably already covered by renters or homeowners, to discuss whether they need additional flood coverage. It’s noted that just a few inches of flood water can cause almost $8000 in damages to a home. The Natural Flood Insurance Program (NFIP) awarded over $16 billion dollars in damages in 2005. It should be noted that flood damages are excluded from most homeowner’s policies, and you have to purchase a separate policy to handle flooding.

Floods are the most common kind of natural disaster in the United States, according to Floodsmart, a website designed and produced by the NFIP. These are the most common causes behind floods:

• Snow Melt
• Flash Floods
• New Development
• When Dams and Levees Break
• Tropical Storms

The Cornerstone National Insurance Company Works Through the NFIP

While most of your insurance products are regulated by your state’s insurance commissioner — probably not to your benefit in that the actions of this office are hardly ever reported on — flood insurance works a bit differently. Every private insurance provider works through the NFIP, mentioned earlier, or the federal government. This program was brought into existence in 1968.

The National Flood Insurance Program works in a similar manner to Obamacare. The government doesn’t provide the insurance, although it could through something called single payer, but simply sets the rates and coverages and also covers the losses in case of national disasters like what happened with hurricanes Katrina and Sandy. The reason this was created was that the free market simply couldn’t sustain profitable flood insurance coverage for citizens.

Cornerstone Says That You Should Know This About Flood Insurance

Cornerstone offers these helpful nuggets of wisdom about flood insurance:

• The company claims that it can get you a flood insurance premium that will run as low as $119 per year, including coverage for your properties. The average annual flood insurance premium runs $650 per year, according to FloodSmart.gov.
• You are eligible to buy flood insurance as long as your community participates in the NFIP, which you can check for in the Community Status Book at www.fema.gov. It should be noted that if you live in an area that has a high risk for flooding that flood insurance is mandatory.
• It takes 30 days after purchase for the insurance to take effect, so it is important that you buy insurance well before the waters start to rise.

How to Report a Claim with Cornerstone

When starting your claim with Cornerstone you should have:

• The Cornerstone policy number
• Date of the accident or loss
• Personal Contact Information
• A brief description of the accident or loss
• Information about the involved parties

You can call the aid number at Cornerstone which is 877 426-4252, or you can email the claims department at this address: claims reporting@cornerstonenational.com.