The flood insurance market is changing constantly, and especially with the passage of Biggert-Waters and changes to flood maps, the NFIP rates are on the rise for many property owners. If you live on the coast or near a country stream, you need to stay on top of all these changes. Look to this page and our blogs for the latest from the National Flood Insurance Program (NFIP), or just call us at 800-649-3252 and talk to an expert..
Here are a few of our recent blogs about flood insurance developments:
If your mortgage or bank requires flood insurance, you should talk to us. Our extensive knowledge and experience in the flood market will help you to come to the best, most economical solution for your needs.
If you are not required to get flood insurance but are nervous about that creek in the back yard or the water levels from the last big storm, you’re probably eligible for “preferred” Flood insurance, an inexpensive but valuable part of your home’s protection. (See link for more details, below)
Remember, Flood insurance has a 30 day waiting period, so don’t wait for storm warnings to think about this. By then it’s too late.
Here are some off-site resources we've found that will help you learn more about this important - but limited - program:
National Flood Insurance Policy Coverage Summary
This summary of coverages from NFIP is brief and to the point. Flood insurance falls far short of what you're used to in a hoemeowners or business insurance policy. Knowing what you're protected against is useful (hint: don't store anything of value in the basement).
Preferred Flood Risk Policy Coverage
A Travelers pdf detailing coverage for different flood insurance policies, including what qualifes for inexpensive 'preferred risk' policy. Qualifier: Travelers is no longer in the flood market, and the rates shown may change without notice. But the other information in this summary is good actionable information.
FEMA Water Seepage and Sewage Coverage Memo
Understand how seepage is covered (or not) in this memo from FEMA in the event of a flood or other groundwater seepage. Flood insurance is catastrophe coverage... know what NOT to expect.
Naturally, if you would like to protect yourself from the ravages of flood waters but have not yet taken that step, give us a call for guidance. Knowledge is power. Don't get caught up the creek without a paddle!