Whenever our country gets hit with a hurricane, be it a major one or a minor one, we get a lot more questions about flood insurance. Here are the most common ones.
Isn’t flooding covered in my Homeowner’s Policy?
NO!
How much does flood insurance cost?
That’s a loaded question, Flood Insurance for a home that is NOT in one of the bad flood zones is typically about the same price as your homeowner’s policy. In one of the bad flood zones, however, it can be anywhere from around the same price as your homeowner’s insurance to more than double.
Can I get flood insurance now?
Unless you’re closing on a real estate loan, there’s a 30-day waiting period on all flood insurance policies.
There’s another question people don’t usually think to ask:
What is considered a flood?
Here’s FEMA’s definition:
A general and temporary condition of partial or complete inundation of 2 or more acres of normally dry land, OR of 2 or more properties (at least 1 of which is the policyholder’s property) from:
- Overflow of inland or tidal waters; OR
- Unusual and rapid accumulation or runoff of surface waters from any source; OR
- Mudflow; OR
Collapse or subsidence of land along the shore of a lake or similar body or water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
You can see more on FEMA regarding flood insurance here.
Flood insurance is obviously important to have, particularly if you live in an area near a river or lake or in an area even remotely likely to get hit with a hurricane. The number one thing to keep in mind is that if you wait until it looks like a storm is developing, it’s more than likely too late to get flood insurance. Get in touch with our friendly neighborhood ALLCHOICE agent if you’ve got any other questions about flood insurance, or to go ahead and make sure you’re covered!