After a lot of rain, have you ever thought about flood insurance and wondered if your home is covered?

It’s an important topic that’s not discussed a lot!  But there are a few things you should know, especially if you live in an area at risk for high water.  

Flood insurance is offered by the National Flood Insurance Program (NFIP).  It is a federal program and falls under slightly different rules.  Because it is federal, the rates are the same with all companies.   

Flood insurance is not automatically included in your Homeowners Insurance.  It is a separate policy with a separate rate.  Your basic Homeowners insurance will not cover your home from flood or rising waters.  

If you’re in a flood zone, flood insurance will be required by your mortgage lender.  Maps are created to determine the risk of flooding within a community.  If your home falls into a flood zone (an area prone to flooding), your mortgage lender will require you to carry flood insurance.  Even if you’re not in a flood zone, you may consider purchasing coverage if you’ve noticed high waters after heavy rain. 

Another thing to keep in mind is that it takes 30 days to start a flood policy.  You can’t call up and immediately start flood insurance, the way you might with auto or home insurance.  Unless you’re purchasing the property, there will be a 30 day waiting period until the coverage goes in force.  This is why it’s important to purchase flood insurance BEFORE you actually expect a flood!  Don’t wait until it’s already on it’s way. 

Unsure if flood insurance is a good idea for you?  Give us a call and we can review your flood zone and look at what the cost of coverage would be.  You can also find answers to many frequent flood insurance questions at FloodSmart.gov (https://www.floodsmart.gov/floodsmart/pages/faqs.jsp).