Philadelphia has seen a lot of flooding over the years. In fact, it’s been ranked as one of the most flood-prone cities in America. If you live in Philadelphia or are considering moving there, you’ll want to know what your options are when it comes to flood insurance coverage. There’s no need to panic though! We’ve put together this blog post with all of the questions and answers that you might have about flood insurance in Philadelphia.
Philadelphia flood history
Philadelphia has seen a lot of flooding over the years. In fact, it’s been ranked as one of the most flood-prone cities in America. If you live in Philadelphia or are considering moving there, you’ll want to know what your options are when it comes to flood insurance coverage. There’s no need to panic though!
Philly is one of the nation’s top 20 most flooded cities according to FEMA data from 2005-2009 (most recent data available). The city saw its average number exceed 16 floods per year between 2006 and 2009.
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Philadelphia flood insurance
If you live in Philadelphia, your best bet for flood coverage is through FEMA’s National Flood Insurance Program (NFIP). You can buy coverage for your home, condo or co-op if it’s located in a Special Flood Hazard Area (SFHA). The NFIP offers three types of coverage: Preferred Risk Policies cover the structure and contents of an insured building up to $250,000. Standard Risk Policies provide coverage above this limit but with limitations as set by FEMA. And lastly – Conditional Coverage provides protection against flood damage like siltation from rising water levels that could clog air conditioning system filters during flooding.
Is Philadelphia in a flood zone?
The Philadelphia region is not considered a high-risk flood zone.
Only homes in the Special Flood Hazard Area (SFHA) are required to carry flood insurance.
Philadelphia has been struck hard by floods, including after Hurricane Sandy and during Tropical Storm Lee in 2011 – but both of these events were caused by storm surges that flooded coastal neighborhoods with salt water rather than rainwater from rivers or creeks.
FEMA defines SFHA as land areas subject to inundation from any natural disaster event for which there exists an elevation certificate showing predicted depths. This includes flooding due to dam failure, landslides, earthquakes, tsunamis, or overflow from manmade reservoirs.
What is covered under flood insurance in Philadelphia?
The National Flood Insurance Program (NFIP) is a federal program that offers flood insurance for those at an increased risk of flooding in their area and are not otherwise covered by private or government programs.
Flood insurance covers the cost to repair or replace your home, contents inside it, and any outbuildings on your property following extreme storms such as hurricanes, floods, earthquakes. Some policies also cover personal belongings like furniture and clothing if they were damaged by water during a storm event.
Is private flood insurance cheaper than FEMA?
Private flood insurance policies are not necessarily cheaper than FEMA, and in some cases they can be more expensive.
Since the NFIP is federally sponsored, it’s always your best bet to make sure you’re covered by their program before looking into private insurance or going without any coverage at all.
There are other options if you don’t want to go through the National Flood Insurance Program though as well such as a buy-out option which will completely remove your property from any future risk zone designations for flooding so long as no new evidence of increased risks develops on the property (e.g., construction that would heighten its vulnerability). This type of purchase must happen within 60 days after receiving notice about being designated an “A” or ” V” zone, and the property owner must live in it for at least three years before selling.
The National Flood Insurance Program also offers Preferred Risk Policies which are designed to cover higher value homes that would not qualify under a standard policy due to their location or construction materials.
The PREMIUM is significantly higher on these policies but they’re often priced as such because they offer more protection than most home owners need- so if you can afford them, then go with one of those options instead of going without any coverage whatsoever.
Remember: your first priority should always be making sure you have enough insurance (or ensuring your existing flood insurance has sufficient limits) BEFORE worrying about lowering premiums since there’s no point in spending money on something you don’t yet.
How can I lower my flood insurance premiums in Philadelphia?
This may sound counter-intuitive, but if you live in a flood zone, don’t buy your insurance right now. Floods are unpredictable and can happen at any time with little to no warning.
If you have already had some sort of coverage for even one year (either through FEMA or an individual provider), then it’s worth waiting until the next annual renewal period before switching providers.
Many insurers will offer discounts off their standard rates once they’ve been paid by someone who filed a claim during that time frame.
When there is flooding on the news every night, people are worried about being safe from future floods. They often go shopping for ways to protect themselves.
Why do you need flood insurance in Philadelphia?
Philadelphia is a city that was built on the idea of commerce, and now it’s one of the busiest ports in America. Philadelphia has been susceptible to flooding for centuries, with water levels rising as high as sixteen feet! Flooding can happen at any time without much warning; stay safe by investing in flood insurance today.
Studies show that homeowners who have experienced a flood are likely to experience another within two years if they don’t invest in their own protection against future floods. If you live in a flood zone, you need to buy flood insurance. That way you will always have peace of mind when floods happen. Contact your local Philly agent today about how you can get coverage tailored to your needs right away.
Philadelphia is a flood zone, and it’s important to know the differences between private insurance companies and FEMA. Private insurers are often less expensive than FEMA rates, but you need to make sure your home or business falls within their umbrella of coverage before signing any contracts. If you’re wondering how much does Philly flood insurance cost? We can help! Call an agent today for an obligation-free quote on their various levels of protection so that they can give you peace of mind in case disaster strikes.