Flood insurance

Anywhere it rains,
it can flood

Flood damage is rarely covered under your homeowners or renters policy.

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Floods are the nation’s most common natural disaster.

Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Anywhere it rains, it can flood. Flood risk isn’t just based on history, it’s also based on a number of factors: rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development.

Since standard home insurance doesn’t cover flooding, it’s important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S.

In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.

Flood-hazard maps have been created to show different degrees of risk for your community, which help determine the cost of flood insurance. The lower the degree of risk, the lower the flood insurance premium.

Our insurance consultants can help you evaluate your need for flood insurance and give you a quote. Call us at 1-800-279-4030.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters.

Here are a few Q&As to help you decide whether to purchase flood insurance.

Q: Does my home insurance cover flooding?

A: No. Flood insurance is not typically covered by a home insurance policy.

Q: If my home is flooded, won’t federal disaster assistance pay for my damages?

A:  Federal disaster assistance is not always available.  When federal aid is made available, it usually takes the form of a low-interest loan that individuals must repay in addition to their existing mortgage.

Q: Am I eligible for flood insurance?

A: You must live in a community that participates in the National Flood Insurance Program (NFIP) to qualify for National Flood Insurance. Find out if your community participates at floodsmart.gov.

Q: I live in a low-risk flood zone. Do I really need flood insurance?

A: It’s a good idea to buy flood insurance even if you live in a low- or moderate- risk area. Nearly 20% of all flood insurance claims come from areas with moderate-to-low flood risk.

Q: I’m not in a high-risk area, but I’d like flood coverage. Is this possible?

A: Yes, you are eligible to purchase a flood policy with the same coverage you would receive if you lived in a high-risk area. That is, as long as your community participates in the NFIP.

Q: Who do I contact if I want to purchase a flood insurance policy?

A: The NFIP has an arrangement with private insurance companies to sell and service flood insurance policies. Visit floodsmart.gov for a list of insurance companies that sell and service NFIP flood insurance policies.

Keep in mind that there is typically a 30-day waiting period from date of purchase before a new flood policy goes into effect.

Source: FEMA, floodsmart.gov