5 Things to Know about Flood Insurance

  1. Flooding is excluded from most homeowner’s insurance policies.  If your home is damaged in an event defined as a flood your regular homeowner’s insurance policy is likely to deny your claim.  Here’s the official definition used by the National Flood Insurance Program (NFIP).   A flood is “A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property)”
  2. Flood Insurance Premiums are on the decrease.  With inflation on the rise it may surprise you to find out that the cost of flood insurance is decreasing.  The NFIP has been opening up the doors to private insurance companies which is driving the cost of flood insurance down.
  3. There’s a 30 Day Waiting Period to purchase Flood Insurance.   Unless you are engaging in a financial transaction that requires you to have new flood insurance you will have a 30 day waiting period before the policy goes into effect.   So don’t wait until the storm in on the radar to purchase flood protection. 
  4. You don’t have to live in a flood zone to purchase Flood Insurance.  People that have a mortgage and who live in a designated flood are normally required to have flood insurance but anyone can purchase a flood insurance policy to protect their property.  They myth that you cannot purchase flood insurance because you don’t live in a flood zone is untrue.
  5. Damages cause by floods can be extensive.    Large debris and floodwaters can cause structural damage to homes, barns and your other structures.   If flood waters enter your home they can destroy everything in its path including your personal property.

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