Do you need flood insurance?

Do you need flood insurance?

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.

Want to see what insurance rates look like in your area?  Get a quote online at shopitnow.chrinco.com or give me a call at 321-586-3754.  Chrinco.com – insurance simplified.

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