Why You Need Flood Insurance

It's required

Homes and commercial buildings with mortgages from lenders regulated by the federal government ig high risk flood zones are require to carry flood insurance. If you are not in a high risk zone you are not required to carry flood insurance, although it is recommended.

It Covers A Gap

Your Homeowners does not cover damage due to flooding, which is why a separate flood insurance policy is required. Even if you aren't in a high flood risk area it is good to think about flood coverage. After all 25% of flood losses are in low to moderate risk areas.

climate Change Is Here

Weather patterns are changing and have caused unpredictable floods over the past few years. Do you live near a lake, river, reservoir, ocean, even a creek? You may be at risk. These sources of water flow and storage may not be built for the new weather cycles, putting your home at risk .

The Two Programs

NFIP (National Flood Insurance Program)

The NFIP is backed by FEMA, and until recently has been the only source for flood insurance. Rates were once much lower and affordable. Unfortunately this system has resulted in a huge deficit. Recently we have seen soaring rates and more strict underwriting requirements.

Private Flood Insurance

In response to the skyrocketing rates of the Federal Program, private companies have entered the marketplace. The carriers can offer cheap flood insurance because they are allowed to choose the homes that they insure. This means that you won't get stuck subsidizing the premium for people that live in high risk areas.

Important Terminology

Definition Of A Flood

Carriers define floods differently, so it is of utmost importance to read your policy carefully to learn what triggers a flooding event. If you have questions about the definition of a flood, or how the private carriers differ from FEMA, please give your agent a call.

Waiting Period

The amount of time that you have to wait after your policy is in force before the coverage is active. This is largely to prevent folks who don't have flood insurance from purchasing flood insurance when a flood is imminent.This helps to prevent fraud and keep flood rates down.

Flood Zones

Flood zones are areas that FEMA has assigned different degrees of flood risk to. These areas are shown on the FIRM (Flood Insurance Rating Map). A few f the common flood zones are: B, C, X, A, AO, A1-A30, AE, A99, AH, AR, AR/A, AR/AE, AR/AH, AR/AO, AR/A1-A30, V1-V30, VE, or V

Elevation Certificate

A certificate that validates the elevation of a structure or building in relation to the ground level. Elevation certificates are often requested for the NFIP and can be quite expensive. Luckily private carriers do not request elevation certificates.

Pre & Post FIRM Buildings

Post-Firm: A building that was built or substantially improved after 12/31/1974 or on or after the effective date of an initial Flood Insurance Rate Map (FIRM), whichever is later. Pre-Firm: A building that was built or substantially improved before 12/31/1974.

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