Do I Need Flood Insurance?

There are many different conditions that can cause flooding: spring thaws, heavy rains, hurricanes, and heavy summer thunder storms are just some of them. While certain areas are more prone to flooding, it can happen anywhere and at any time.

According to Fema.gov, floods are the number 1 natural disaster in the United States. "All it takes is a few inches of water to cause major damage to your home and its contents," the federal government- run website declares.

So, do you need Flood Insurance? Beyond readying your home and developing a family emergency plan, being prepared for a flood means understanding what your insurance covers and what it does not.

A REGULAR HOMEOWNERS INSURANCE POLICY DOES NOT TYPICALLY COVER FLOOD DAMAGE

First and foremost is the fact that a standard homeowner’s insurance policy does not typically cover traditional flood damage. Since floods can occur anywhere, you should consider purchasing a separate National Flood Insurance Program (NFIP) flood policy. The NFIP is managed by the Federal Emergency Management Agency (FEMA).

Costs for flood insurance can vary greatly depending on how much coverage you buy, what the policy covers (does it just cover the building or also the contents) and your property's flood risk (what flood zone your property is in).

If your home falls in a high-risk flood area and you carry a mortgage from a federally regulated or insured lender, your lender is legally mandated to require you maintain flood insurance on your property. However, a lender may require you to purchase flood insurance at any time — even if the company is not legally mandated to do so.

You can also purchase contents only flood insurance if you are not a homeowner but are still concerned about the damages that a flood could cause.

While flood insurance is offered through the NFIP, policies are sold and administered by private insurance companies. Often, policies don't take effect until 30 days after signing, so it's a good idea to consider purchasing coverage before storm season is upon you. Additionally, many carriers put restrictions on new business and policy changes in the days leading up to major storms and other catastrophe events making it even more important to plan ahead and consult with your agent.

We would love to answer any questions that you might have. Contact Kovalev Insurance today and request a complimentary consultation to ensure your property is properly protected.