Many homeowners are affected by flooding every year, and a lot of people only find out after the fact that flooding is not covered by home insurance. (By flooding we mean a rapid accumulation of water on the ground that invades your home.) Maybe you’re thinking about getting flood insurance, but you’ve got a few questions. How do you get flood insurance? How much does flood insurance cost? When should you get flood insurance? How much flood insurance can you get? We’ll explain the answers!
How to get flood insurance.
You can get flood insurance from the NFIP (National Flood Insurance Program.) But you can’t buy it directly from them. You have to go through an insurance agent or insurance agency. As long as your community participates in the NFIP, you should be able to secure the coverage you need. There are many participating communities nationwide, so you should be good!
(To find out if your community participates in the NFIP, reach out to your insurance agent.)
How much is flood insurance?
The damage from one inch of water can be extremely costly.
Something you have to realize about the cost of flood insurance from the NFIP is that it’s not going to be different from agent to agent or agency to agency. The quote you get from the NFIP is the price. (Just so you know before you devote any time trying to get multiple quotes to save money!)
There are many factors that affect the cost you’ll pay for flood insurance. Here are some details about your home that could affect your rates and the answer to the “how much is flood insurance?” question:
- The year your home was built.
- The material the house is made of.
- How many floors the home has.
- Your flood risk.
- The elevation of your lowest floor.
- The coverage amount you choose.
- Your deductible.
- If your house complies with floodplain ordinances.
To get an accurate idea of how much flood insurance for your home will be, it’s a good idea to get a quote. We can help with that – just fill out our quick online form or give us a call today!
What’s a preferred risk policy?
If you’re in a low-risk flood area, you might be able to qualify for a preferred risk policy. This is lower-cost coverage for homes that are in low to medium risk flood areas. Be sure to ask your agent if you qualify – you could save some money!
How much flood insurance can I get?
If you go through the NFIP, you can get up to $250,000 of coverage for your home (the structure) and up to $100,000 of coverage for your belongings.
When should I get flood insurance?
This is something super important to know about flood insurance:
Flood insurance has a 30-day waiting period before it’s effective. So, if you purchase flood insurance and 5 days later your house floods, you’d probably be out of luck.
What we’re trying to say is that it’s better to purchase flood insurance sooner than later. Be prepared for that 30 days of waiting and don’t leave flood insurance to the last minute – or to the minute when a gigantic storm is looming.
Now, there are some exceptions to the waiting period – for example, if you need flood insurance as a requirement to get, increase, extend, or renew a mortgage loan.
But chances are you’ll have to wait 30 days for your flood insurance policy to kick in and become effective.
Do I have to live in a high-risk flood area to purchase flood insurance?
No. Even if you’re in a low or medium risk flood area, you can purchase coverage. So, even if you’re in a low-risk area you can still protect your home with flood insurance.
So, there’s the answer to the question of how much is flood insurance. The rate you’ll pay depends on many different factors. Our team at InsuranceHub can help you get the flood insurance you need to protect your home. Get started by filling out our online form or giving us a call. Our team is here to help.