Do you have flood insurance? It’s important to know that most standard homeowner insurance policies do not cover flood damage. Flood insurance is required if your property is in a designated high-risk flood zone and you have a mortgage loan from a federally regulated or insured lender. If you do not have a mortgage, it is still recommended that property owners buy flood insurance. Often, homes are still at risk in areas where flood insurance is not required.
Even a small amount of floodwater, such as 1 inch inside your property, can cost tens of thousands of dollars. There is an online cost estimator to help you understand the cost of flood damage to your property – it adds up quickly!
There is a 30-day waiting period on new flood insurance policies.
If you do not currently have flood insurance, make looking into it a top preparedness priority! The National Flood Insurance Program (NFIP) is a federal program managed by the Federal Emergency Management Agency (FEMA) and is delivered to the public by a network of approximately 60 insurance companies and NFIP Direct.
