USAA Flood Insurance Overview
USAA provides a wide selection of home insurance policies, but they don’t include flood insurance. Homeowners must purchase it separately. Flood Insurance is provided through the National Flood Insurance Program and offers coverage for damage caused by rain, hurricanes, melting snow, and other products that regular home insurance does not cover. USAA is a highly rated insurance company with excellent financial stability. USAA has 11.2 million members and is the fifth largest homeowners insurer in the United States. USAA policies are only available to service members and their relatives.
What Are USAA Flood Insurance’s Ratings?
USAA’s property insurance has some of the highest ratings in the business. Moody’s gives USAA property insurance an Aaa rating; the highest rating possible A.M. Best also gives USAA its highest rating, A++ (Superior). Standard’s & Poor’s rates it as AA+ (very strong), the second highest rating possible. The BBB gives USAA an A+ rating.
What Coverage Does USAA Flood Insurance Offer?
USAA’s flood insurance policies offer compensation for the damage caused by storms, melting snow, and changes in river flow. The risk of flood damage is not restricted to certain states. In 2013, all 50 states were affected, and 1 in 5 of all flood claims occurred in an area that is considered low risk, according to government data. The average claim in 2013 was over $26k.
Even moderate flooding (6 inches of water) can cause $20k in damages. Two feet of water can cause damages of $34k and 4 feet will cause an average of $40k in damages.
Policies come with monthly premiums as low as $14 (as of April 2016).
How Does USAA Compare with Other Flood Insurance Companies?
USAA’s property insurance has some of the highest ratings in the industry. Both A.M. Best and Moody’s give it their best rating, and Standard & Poor’s gives it its second best.
USAA has been in business for over 94 years, and thanks to its cautious investment culture offers financial stability to its 11.2 million policyholders.
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