Did you know that the number one natural disaster in the US according to FEMA is flooding? In fact, annual flood damage has been averaging close to $10B per year. Here’s a stat that will boggle your mind. Over the course of a 30 year mortgage, you have a one in four chance of experiencing a flood loss and this is twice the probability of having fire damage to your home.
Not in a flood zone?
Over 20% of all flood claims received by the National Flood Insurance Program are for properties not located in a flood zone.
Here’s what you need to know…
Most home insurance does not cover rising water floods. There are some insurance companies that will allow you to add a flood rider or flood endorsement to the policy. But rising water floods are generally a specific exclusion within a home insurance policy. It important to note that rising water includes storm surge from a hurricane.
So what do you do?
You need to purchase flood insurance before the rainy season or hurricane season. The reason is that FEMA imposes a 30 day waiting period before coverage can begin unless you need flood insurance to close on a mortgage in which case FEMA will grant an exception.
One last thing to note, the rates for a federal flood insurance policy are determined by FEMA. Therefore, the rates for a federal flood insurance policy will be the same from company a to company b to company c.
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