What is Flood Insurance?
Flood insurance is a specified type of insurance that protects the dwelling structure and personal property against flooding. The source of this flood can be an overflow of inland or tidal waters (any excess of water on land that is normally dry) and affects two or more properties.
Does my Home Insurance cover flood damage?
No. Flood damage is not covered by your home insurance policy. Homeowners insurance policies will only cover water damage related to plumbing systems and water back-up or overflows (like frozen pipe bursts, for example).
What is an elevation certificate, and when do I need one?
An elevation certificate is a document that specifies a building’s lowest height of elevation, flood zone, and other characteristics. This is used to help determine flood premium rates.
If you are in a high-risk flood zone, you will likely have to obtain FEMA’s certificate for your property in order to buy flood insurance.
You would also want to obtain an updated elevation certificate if you were to make significant changes to your home’s elevation (such as raising your home), as you potentially could be looking at lower flood rates if it changes your home’s lowest point of elevation.
Am I able to purchase flood insurance without being mandated by my mortgage company to purchase it?
Yes—anyone can purchase flood insurance. However, if your mortgage company doesn’t require it and you still purchase it, the insurance premium will not be paid out of your escrow account, you will pay it directly to the carrier.
What does FEMA stand for?
FEMA, or the Federal Emergency Management Agency, is a federal agency that functions to prepare for, prevent, respond to, and recover from natural disasters.
Why buy flood insurance?
Regardless of your flood zone, all residences are at risk of flood damage. Over the last five years, every state has experienced flooding and more than 20% of these claims were from properties outside of high-risk zones.
How can I determine my flood risk?
Even if you are not located in a coastal area, you may still need flood insurance. The first step in deciding if you need flood insurance is to determine if you are in a high-risk flood zone. Click here and enter your address at the top left corner of the page.
Flood Insurance can help you avoid the financial consequences of a flood and give you peace of mind. Contact us today and we can review your flood zone and provide a free quote.
