Flood Insurance

Did you know that over 20% of flood claims come from properties outside of high-risk flood zones, according to FEMA? Flooding is one of the most common and costly natural disasters in the United States, causing homeowners significant financial losses. This is why it’s crucial to have flood insurance.

A flood is a temporary condition of partial or complete inundation of normally dry land areas. It can occur due to the overflow of inland or tidal waters or the unusual and rapid accumulation of surface waters from any source. A flood inundates a floodplain.

Small amounts of water can cause thousands in damage to an average-sized home. Flood insurance can reimburse you for flood damage and is designed to replace your building and/or your contents.

Like other insurance plans, a higher deductible will lower your premium, but it will also reduce your claim payment. In some cases, your mortgage lender may set a maximum amount for your deductible.

Typically, there is a 30-day waiting period from the date of purchase until your policy goes into effect. However, if you purchase flood insurance in connection with making, increasing, extending, or renewing your mortgage loan, there is no waiting period.

Starting July 1, 2019, most lenders are now allowed to accept private flood insurance. Private flood insurance is offered by many carriers and can be written at more sustainable rates. Check with your lender to see if this option is right for you. We offer both private and FEMA flood insurance to meet your needs.

An Elevation Certificate (EC) verifies your building’s elevation compared to the estimated height of floodwaters in a major flood in a high-risk flood area. It tells how high your home is above flood stage and helps a carrier determine if some or all of your property should be rated differently. An EC may be required but is not always necessary.

We’d be happy to assist you in purchasing flood insurance. Fill out the contact form to let us know how we can get in touch with you.