Flood insurance protects the structure of your home, as well as your personal items that are ruined or damaged by flooding. Because homeowner’s insurance doesn’t cover flood damage, your home must be insured under a separate flood policy.
Including flood coverage in comprehensive home insurance policies increases the premiums and deductibles, making it less likely for homeowners to buy and insurance carriers to sell the home insurance package. As a result, most homeowners insurance policies do not include flood damage in their list of coverages.
The most common insurer against flood damage is The National Flood Insurance Program by FEMA. However, you cannot purchase flood insurance directly from the NFIP without an insurance agent, or if you live in an area that is not qualified for NFIP coverage. Whether you go with NFIP or a private insurer, there will be a 30-day waiting period before your policy goes into effect, so don’t procrastinate!
To protect your home from flooding, especially if you’re in an area susceptible to rising waters, you’ll need to purchase flood insurance. Not sure where to start? Ask one of our agents about the steps you should take to protect your home and belongings at an affordable rate.