Flood Insurance
Living in a flood-prone area poses a significant risk of property damage due to flooding. While standard home insurance may cover household water damage from incidents like burst pipes, it typically excludes flood damage. Depending on your home’s location, the necessity for flood coverage becomes paramount. Reach out to our agency today to discuss your insurance requirements.
What Are My Flood Insurance Options?
The National Flood Insurance Program (NFIP) is the primary provider of flood insurance. If your community participates in the NFIP, you may purchase a plan through a major insurer or the NFIP Direct system.
NFIP plans adhere to federally established standards and offer two main types of coverage: structure insurance, protecting your house, and contents coverage, insuring your possessions. Additionally, coverage may extend to debris removal costs, loss avoidance, and compliance expenses.
Filing a claim on your plan can potentially compensate for your losses and mitigate flood recovery costs. Typically, flood insurance takes effect 30 days after purchase. However, if your lender mandates coverage for loan origination, extension, increase, or renewal, there’s no waiting period.
Who Needs Flood Insurance?
Homeowners in designated high-risk flood zones or with mortgages backed by federally insured lenders often require flood insurance. Some lenders may mandate flood insurance regardless of flood zone designation. Moreover, coverage is essential for residents in high-risk flood zones who have received disaster assistance from FEMA or the U.S. Small Business Administration.
Find Your Policy
Flood insurance provides crucial financial protection against flood-related property damage. Without it, you may be responsible for costly flood-related expenses. Contact John Galt Insurance Agency today to explore your flood insurance options further.