Hurricane season is here, are you prepared with flood insurance? Do you know how to check if you live in a flood area or who to get flood insurance from? Have you ever wondered, although you don’t live in a flood zone, could you purchase flood insurance? Understanding how your flood insurance works or how to get it is important to any homeowner, however we understand how hard that can sometimes be for you. Listed below, from the National Flood Insurance Program (NFIP), prioritizes a helpful list to help homeowners alike better understand their flood insurance and where to purchase a policy.
- Homeowners can only purchase flood coverage from and insurance agent. To do so, you can contact your local representative in your area by calling NFIP at 888-379-9531.
- Understanding how your flood coverage works is extremely important and can help save you a significant amount of money in the long run. Knowing the difference between direct flooding and other water damage can make a difference in understanding what constitutes as a flood claim or not.
- Deciding what type of deductible plan is another option you will want to make sure you tediously look through. The exterior of your building versus the contents of your building may have different rates and deductibles, making your premium higher or lower, based upon your needs.
- If your home or business has a mortgage that is federally regulated and you live in a high flood area, you are required by law to have flood insurance. If your home or business is located in a moderate or low flood area, while you are not required to purchase flood insurance, looking into an option to have coverage is still important. History has proven there have been areas affected by floods that has never been identified as a flood zone before. It is always better to be a safe homeowner that wishing you had the coverage later.
- A 30 day waiting period from the date of your flood coverage is standard practice, however there are a few exceptions.
- If flood insurance is being purchased in connection with the making, increasing, extending or renewing of your loan.
- If a building has been newly designated in the SFHA and flood insurance is being purchased within the 13-month period following a map revision.
- If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
- If an additional amount of insurance is selected as an option on the renewal bill.
- If a property is affected by flooding on burned Federal land that is a result of, or is exacerbated by, post-wildfire conditions when the policy is purchased within 60 days of the fire containment date.
However, be aware that you are unable to change your policy once a storm has been announced, so make sure once your purchase your policy, it is exactly what you need for your home or business.
For more information on how to keep your home and business covered from a flood visit the National Flood Insurance Program by clicking the link below.
If you are experience damages from a water loss currently, call All American Water Restoration today, to see how we can help you immediately!