Do You Need Flood Insurance?
As recent hurricanes, like Milton and Ian, showed us, every home should be covered by Flood Insurance.
Hurricane Ian alone caused $35 Billion in Flood Damage.
And between 10 and 18 Billion in damages had NO FLOOD INSURANCE.
It flooded homes in Non-Flood Zones and it flooded homes that were 20 miles from the coast.
Every home needs Flood Insurance.
When Is Flood Insurance Required?
Flood Insurance is only required when the home has a mortgage,
And that home is located within Flood Zones A (A1-A30) or V (Coastal Homes).
That’s because the Mortgagee will require it.
If you have no mortgage or are located in Flood Zones B, C, or X,
You are not required to carry flood insurance.
That doesn’t mean your Home will not suffer Flood Damage.
And damage from Floods is only covered by Flood Insurance.
How do I know what Flood Zone I’m in?
The best way is to simply ask your insurance agent.
The National Flood Insurance Program has mapped the entire Country into Flood Zones.
These zones are classified by their likelihood of flooding.
For example, homes in A zones have a 1 in 100 storms odds of flooding.
Homes in B,C, and X zones have a 1 in 500 storms chance of flooding.
Homes in A zones are therefore required to carry flood insurance by their mortgagees.
Agents can identify your flood zone through their flood companies.
What Does Flood Insurance Cover?
Flood Insurance covers damage from Floods.
Floods are defined as water that comes from the outside and leaks under your doors.
It can be caused by rising tides or standing water.
The water might comes from the ocean, rivers, or canals.
This water can cause damage to both your building (dwelling) and personal property (contents).
What’s the difference between Water Damage and Flood Damage?
Flood Insurance only covers damage from Floods.
It does not cover damage from your roof or broken pipes.
That damage is covered by your Home Insurance.
So Water Damage from a leaky roof or a broken pipe is covered by Home Insurance.
Flood that come under your door from the outside in is covered by Flood Insurance.
What is the National Flood Insurance Program?
The National Flood Insurance Program or NFIP is a program administered by FEMA.
FEMA is the Federal Emergency Management Administration.
The NFIP provides Flood insurance for homes and businesses throughout the United States.
The NFIP will partner with many Home Insurance companies to administer its program.
These companies will place policies, make changes and process claims.
The NFIP will pay any Flood Insurance claims that arise from these policies.
Keep in mind that any help FEMA gives damaged Homes that have no Flood insurance will be in the form of LOANS.
Do Private Companies Offer Flood Insurance?
Although the NFIP underwrites the vast majority of Flood Insurance in the US,
There are now many Private Companies that offer Flood coverage.
Although they can cost more in many areas, these private companies fill a need in some areas.
And they can also offer higher limits of coverage than is available through the NFIP.
So there is a role for Private Companiesfo play in the Flood Insurance market.
Is Flood Damage covered in a Hurricane?
Yes, provided the damage is from floods, and you carry a flood insurance policy.
There are two main perils in a Hurricane: Wind and Flooding.
Wind is covered by your Home insurance policy.
And water damage that occurs when wind causes a breech in your windows, walls or roof is covered under Home Insurance.
But water that floods into your home under your doors from the outside in is only covered by Flood Insurance.
As many homeowners found out after Hurricanes Ian and Milton.
How much does Flood Insurance Cost?
Flood Insurance is very reasonable –
Especially when compared to Home Insurance.
It all depends on your flood zone and the elevation of your house.
For example, in A flood zones with a +1 foot elevation,
Prices start as little as $500 a year.
Your agent can usually quote a flood insurance policy in about 15 minutes.
Where can I buy Flood Insurance?
Thats easy, Contact Cronin Insurance for a free No-obligation quote.
Keep in mind that in many instances, there could be a 30 day wait before your policy goes into effect.
So don’t wait until the Hurricane is approaching to try to buy a Flood policy.
Get the peace of mind that a Flood Insurance policy will bring you.
And get covered for Floods before the Hurricane Season gets busy.
Low Rates
Choice of Companies
Personal Advice from Local Agents
Cronin Insurance is the Wise Choice.
