Is Flood Insurance Mandatory For Your Home?

The most common home damage caused by natural disasters is flooding!

Home flood insurance is not a part of your standard homeowners policy, something that too many people discover after a flooding event that damages their home. Sadly, it’s not very hard to get and depending on the risk may not be terribly expensive.  FEMA’s Mapping Service Center classifies areas based on prior flooding data into categories that vary from V & A zones where flood insurance is required on all buildings. Other classes are generally not considered to be in a 500 year floodplain though some built up areas have never been classified. If you wish to check on the area in which you live you can download that information from the FEMA Flood Map Service Center. Once you determine that flood coverage insurance.

Flood coverage insurance for your home.

Once you have determined that flood coverage insurance is necessary to protect your home, your first option is to contact the agent or company with whom you have your homeowners or renters policy. Through a program administered by FEMA they may be able to provide you the coverage that you need. If you cannot purchase flood coverage through them the website FloodSmart.gov has a list of providers. 

When should I get flood insurance?

It is important to get flood insurance coverage as soon as you determine it is necessary as most flood policies have a 30 day waiting period before they become binding. If you are moving into a new area it is important to do your homework which can begin with a conversation with neighbors. Check with FEMA’s resources and contact your insurance agent.

How does the best flood insurance cover my home or apartment?

The current coverage limit on the federally administered flood coverage is $250,000 for the structure and $100,000 for the contents. Excess coverage can be purchased from insurance companies if the regular limits are not adequate. Remember that all flood insurance policies have a thirty-day waiting period before they go into effect. Nowadays, sewer backup occurs due to various reasons such as aging sewers, tree roots, and sanitary blockage and so on. Therefore, it’s necessary to get water backup insurance.

What happens in the event of a flood and I have no flood insurance?

Since homeowners and renters policies do not cover flood damage the only coverage you may have will be for a vehicle that is covered by the comprehensive portion. For many people who lack a flood policy, their best hope may be that the community in which they live is declared a disaster area and low cost federal loans become available through FEMA to help rebuild. 

Flood insurance may be available through your current homeowners/renters insurance company, so check with them first. However, if you are looking for competitive price quotes to add a flood insurance policy and a new homeowners provider you need to look no further than the personal insurance mega site ConsumerCoverage.com. This site can get you quotes, information even agent contact from some of the nation’s best homeowners/renters and flood insurance providers. If you are looking for personal insurance products this one site can provide them.