Flood damage can happen to anyone. You don’t have to live in a high-risk flood zone to be affected by a flood. Floods and flash floods can occur anywhere and just an inch of water can cause damage to your property. For better or for worse, Mother Nature doesn’t play favorites. But even if you’re not required to have flood insurance, your home could still be at risk.
Most flood insurance is written through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA).
Flood insurance covers the structure of your home and your personal property from flood damage and is available to you whether you are a homeowner or renter. It will replace the structure of your home to what it was before the flood damage. It will also pay for your possessions at a depreciated amount. Renters are covered for possessions only. If your home has been improved with a furnished, finished basement, those improvements are not covered by the NFIP policy. However, appliances and fixtures typically found in an unfinished basement will usually be covered. If you are a victim of a flood and your area is declared a major disaster by the President, then federal aid could be available.
If you own a home located in a designated flood zone and you have a mortgage, your bank will probably require you to carry a flood insurance policy. Though you may believe your homeowners insurance covers such damage; that is not the case. Even if you do not live in a designated flood zone, you should consider securing a flood insurance policy if your home and possessions are at risk from melting snow, overflowing creeks, ponds, or rivers. The experienced professionals at Boizelle Insurance Partnership understand the guidelines and can help you build the right flood insurance policy for your individual situation.
Flood insurance policies require a 30 day waiting period from the date of purchase to go into effect. Exceptions are only made in a few specific circumstances such as if you’ve purchased a new home and the closing is in less than 30 days.
Speak with one of our knowledgeable agents, experienced in the options and coverage choices of flood insurance. We’ll help you create the right flood insurance policy for your needs.