Check With Your Insurance Agent
Check to see if you have flood insurance coverage!
FEMA has a tool to find participating flood insurance providers within your state or territory. Check it out here!
Did you know that standard homeowners insurance policies do not cover damage that occurs from flooding? Yet floods are the most common and costly natural disaster in the Unites States. Property owners who live in communities participating in the National Flood Insurance Program (NFIP) can purchase affordable protection to insure against flood losses. Be sure to contact your insurance agent to ask about the availability of flood insurance coverage!
MYTH: Only residents of high-risk flood zones need to insure their property.
FACT: Even if you live in an area that is not flood-prone, it’s advisable to have flood insurance. Anyone can be financially vulnerable to floods. People outside of high-risk areas file more than 25 percent of NFIP claims and receive one-third of disaster assistance for flooding. The NFIP’s preferred risk policies are designed for residential properties located in low- to moderate-risk flood zones.
MYTH: You can’t buy flood insurance immediately before or during a flood.
FACT: You can purchase flood coverage at any time. There is a 30-day waiting period after you’ve paid the premium before the policy is effective, with the following exceptions:
- If the initial purchase of flood insurance is in connection with the making, increasing, extending or renewing of a loan. In those cases, there is no waiting period.
- If the initial purchase of flood insurance is made during the one-year period following the adoption of a revised Flood Insurance Rate Map for a community, the waiting period is only one day.
MYTH: Flood insurance is available only for homeowners.
FACT: Flood insurance is available to protect homes, condominiums, apartments and non-residential buildings, including commercial structures. A maximum of $250,000 of building coverage is available for single-family residential buildings; $250,000 per unit for multi-family residences. The limit for contents coverage on all residential buildings is $100,000, which is also available to renters. Commercial structures can be insured to a limit of $500,000 for the building and $500,000 for the contents.
MYTH: You can’t buy flood insurance if your property has been flooded.
FACT: It doesn’t matter how many times your home, apartment or business has been flooded. You are still eligible to purchase flood insurance provided your community participates in the NFIP.
