Flood Insurance:

Flood

Did you know that according FEMA more than 20% of flood claims come from properties outside of a high risk flood zone?

What is a Flood? Per FEMA it is a general and temporary condition of partial or complete inundation of normally dry land areas from: (1) The overflow of inland or tidal waters; (2) The unusual and rapid accumulation or runoff of surface waters from any source; … A flood inundates a floodplain. Mar 27, 2018

Why You Need Flood Insurance?

Flooding is the most common and costly natural disaster in the United States. Floods can cause homeowners a huge financial loss. In fact, small amounts of water in an average sized home can cause thousands in damage. Flood insurance can reimburse you for flood damage. Flood policies are designed to replace your building and or your contents.<<>/p

Is there a deductible?

As with other insurance plans, a higher deductible will lower the premium you pay but will also reduce your claim payment, meaning you will need to cover the difference out of your own pocket. Sometimes a mortgage lender will set a maximum amount for your deductible.

Is there a 30-day waiting period?

Typically, there’s a 30-day waiting period from date of purchase until your policy goes into effect. However, if you purchase flood insurance in connection with making, increasing, extending or renewing your mortgage loan, there is no waiting period.

Private vs FEMA Flood Insurance:

As of July 1, 2019, most lenders are now allowed to accept private flood insurance. Private flood is offered by many carriers and can be written at sustainably lower rates. Check with your lender to see if this option is right for you. We can offer both products to best meet your needs.

What is an elevation certificate and do I need one?

An EC is not always required. We may ask you for an Elevation Certificate (EC). This certificate verifies your building’s elevation compared to the estimated height floodwaters will reach in a major flood in a high-risk flood area. The EC tells how high the home is above flood stage. It will also let a carrier know if some or all of the property should be rated differently.

We would love to assist you with the purchase of your flood insurance. Click on the contact form and tell us how we can get in touch with you.