White house in water, floodIf your home is in a flood zone, you should buy flood insurance if you want the government to help you after a flood. If you wait until after the flood, you won’t be able to obtain the insurance. Many mortgage companies are now requiring flood insurance as part of their loan package. A standard homeowner’s and renter’s insurance policy does not cover flood damage. Flood damage is excluded under standard homeowner’s policies Flood Insurance Through FEMA & Private Insurers Flood insurance is available through the National Flood Insurance Program (NFIP) run by the Federal Emergency Management Agency (FEMA). Many private insurers also offer flood insurance as well. In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood. Don’t Flood Your Life With Unnecessary Risks J.S. Edwards & Sherlock Insurance Agency is here to assist you with flood insurance and to help you understand more about why you need this valuable type of insurance. Don’t wait for a flash flood or flood-related losses to befall you before you protect your home and everything in it. Your Home Insurance Policy Isn’t Enough Homeowners policies do not provide flood coverage. You need a spate policy.
  • Flood losses an average of about $38,000 per claim.
  • Even if your flooding incident is given a Federal Disaster Assistance declaration, of which only 50 percent are, you’ll most likely have to repay whatever assistance you’re given, including interest.
  • Homeowners policies do not provide coverage for flood.
  • There is a 30 day waiting period before a policy goes into effect.