It may seem a bit soon to be talking about floods and flood insurance coverage, but it’s something you want to consider well ahead of time so you can update your coverage before it happens to you. There is typically a 30-day waiting period from date of purchase before a new flood policy goes into effect.
Flood insurance facts
- It doesn’t take a major body of water or even a major storm to cause a flood. You can live miles away from water and still be a victim of flooding. In fact, nearly 20% of all flood insurance claims come from areas with moderate-to-low flood risk.
- While some types of water damage may be covered under your home policy, you need separate coverage for flooding.
- Water damage due to drain and sewer backup or sump pump overflow may be covered if you’ve added an endorsement to your policy.
- Water coming in through the foundation is considered flooding. Many people think of flooding as “surface” flooding, such as what occurs near rivers and lakes. But ground water coming in is flooding. This is the case with all home policies in the United States.
What is flood insurance?
Flood insurance is a separate policy issued from the government called the National Flood Insurance Program (NFIP). It provides a means for property owners to financially protect themselves. The NFIP has an arrangement with private insurance companies to sell and service flood insurance policies.
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. You can find participating communities at floodsmart.gov.
Our insurance consultants can help you evaluate your need for flood insurance and give you a quote. Call 1-800-279-4030 or schedule a consultation.