Flood Insurance 101 yesensure

Flood Insurance 101

“Hurricane season is here, and based on predictions by the National Oceanic and Atmospheric Administration, Americans are likely to see “above-normal” activity this year.” I don’t know if you can tell with these windy days we’ve been having but it feels like hurricane season. The NOAA puts out a forecast every June 1st for what they think will happen in their region. They’re predicting an above typical number of hurricanes this year; which could be really bad considering last years’ damage was so high! It’s always good practice to have your emergency kit ready at all times when there’s a chance one might hit us right?

The deadly coronavirus is just one of many problems coastal residents have to deal with. This triple task might be too much for them, and it surely will be the final straw on a weak economy that has been dealt its fair share of blows in recent months.

Will your insurance cover water damage?

Homeowners Insurance may not protect you against a flood. Floods often occur from heavy rain or melting snow and ice, but they can also come through pipes! It’s important to plan for these types of disasters with an additional layer of protection like flood coverage so that if there is any flooding in the future, it won’t ruin all your hard work rebuilding after Hurricane Sandy.

The best time to buy flood insurance is now. Flooding can happen anywhere, so I recommend getting coverage sooner rather than later. In addition, the National Flood Insurance Program (NFIP) has extended their grace period from 30 days to 120 for current policyholders who need renewal by June 15th 2020 due to the pandemic virus and this will give those people more time- a great opportunity!

The National Flood Insurance Program thinks it’s better you purchase your plan before something happens instead of waiting until there’s disaster looming overhead.

If you want to be prepared for any type of flooding, don’t buy a kayak just yet. According to the National Flood Insurance Program (NFIP), one-third of their claims come from areas deemed low and moderate risk. This is something that everyone should think about purchasing even if they live nowhere near water or riverside properties

And it’s something you should think about buying even if you don’t live near a river or waterway! One third of claims filed with the NFIP are from areas considered “low” and “moderate” risks – these ones have been steadily increasing in number over recent years too so this means every person needs get flood insurance now.

There are a lot of strange and unusual situations that you might think never happen to you, or wouldn’t really need insurance.

Area Affected by Wildfires

So, you know how a fire can change the landscape? Well, it turns out that burned-out areas are perfect for flooding.

Heather Williams, a spokesperson for California’s Natural Resources Agency says: “Sometimes the fire burns so hot that the land is baked like a brick.” What’s more? The fire also scorches all of its cellulose into gas and then it solidifies as an extra layer on top of the soil.

The risk of flooding can remain high until new vegetation has a chance to grow—a period that could last up to five years, according the National Flood Insurance Program (NFIP). Dry areas with little vegetation are at an increased risk for being flooded after monsoons. Mudflows may also pose risks in this region because they move quickly down slopes following rains and floods. Only flood insurance covers these perils; homeowners need coverage from other sources if there is not enough water around their homes or properties near a riverbank.

Citizen of a new development area

Basement flooding is more likely in newly developed areas, where new roads and parking lots cover soil that otherwise would absorb rainfall. With no place to go, water from a heavy rain can seep through porous foundation walls because these buildings are built too close together with no space for the ground to absorb anything except what’s right on top of it.

The National Flood Insurance Program is a great way to protect your home from flood damage. If you are in an area that has been designated as high-risk, then it’s important for you and the people who live there with you to understand how this program can help lessen the financial burden of disaster recovery should something happen.

The NFIP covers major systems in your basement such as your boiler, water heater, electrical wiring and controls; central air conditioner/heat pump; sump pumps – all things which would be difficult or impossible to replace due to flooding if they were damaged by rising waters during a natural disaster like Hurricane Sandy.

I always make sure to check the list of what is covered before I buy a new policy. From my own experience, it’s important to know that you won’t be able to get coverage for furniture or anything in your basement if there are any floods because NFIP insurance only covers certain types of water damage like when rainwater seeps into and damages the foundation from underneath, not overtop. This type of flood can happen without warning so knowing all this really helps me feel more secure about myself as well as my family’s property!

An Aboveground Pool

When your neighbor’s aboveground pool breaks, and water flows into your home. Flood insurance covers it! If the flood is caused by a broken pipe that affects at least one other house in the neighborhood…you can make a claim for coverage under flood insurance.

Ground Freezes

The weather can be unpredictable at times and I don’t always know how to prepare for it. When the snow melts too quickly, flooding may happen which is a nightmare scenario if you live in California like me. It happened last year when that record-breaking snowpack we had suddenly melted away after an early spring rainstorm came along!

If you live in a flood zone, flood insurance is required. You can purchase it through the National Flood Insurance Program (NFIP) or through an insurance agent.

Cost of flood insurance

It’s good news for people who live in areas that aren’t at high risk of floods. In these low- to moderate-risk zones, the average annual premium is about $700 and most homeowners pay less than $400 a year for coverage thanks to FEMA, which runs this NFIP program.

Let’s say you’re one of the unlucky few who have been hit with a flood. You just want to be reimbursed for what was lost and hopefully get back on your feet quickly- it would seem this is not as easy as pie, though! The maximum coverage per dwelling from federal insurance maxes out at $250k but there are other policies that can offer lower limits up until about 30% less than this amount ($175K).

If you live in a flood-prone area, it’s worth looking into renters flood insurance. Unlike homeowners’ policies that cover everything from your house to its contents, only personal property is covered under renter’s coverage–up to $100K of goods. The good news? You’ll save money by opting for less or a higher deductible; they can cost as much as 20% more than the equivalent homeowner plan!

It’s important to assess the risk that you will be a victim of a flood, as well as an estimate of your annual premium and find agents who sell federal flood insurance. To do so head over to FEMA Flood Map Service Center where all this information is available by entering your property address in their search bar.

Private Flood Insurance

If you’re feeling like the FEMA doesn’t cover enough, then it might be time to look into private flood insurance. This way, your premiums are lower and they depend on how much coverage you want instead of just what’s offered by a government program.

Private flood coverage can make a big difference in the event of flooding. Sure, you may not be able to live at your house while it’s being cleaned up but if there is no federal help for relocated living expenses then private insurance could really come in handy!

Scroll to Top