More and more communities are falling victim to flood events even in areas that were never before considered at-risk for flooding (the 1000-year flood plains). These are the low risk flood zones where flood insurance is not required by a mortgage company so flood coverage is optional.
Most homeowner’s insurance policies do not include coverage for flood damage. Everyone is eligible for a flood insurance policy, regardless of where you live. A typical flood insurance policy in low risk areas will cost anywhere from $183 per year for $20,000 of building coverage to $534 per year for $250,000 of building coverage. These are the NFIP’s (National Flood Insurance Program) minimum and maximum limits and these are their current rates for a primary residence.
However, there are now many private flood insurance companies that compete with the NFIP and offer higher limits and sometimes better coverage at a reasonable rate. We are no longer limited to the NFIP’s pricing and coverage limitations.
Below are few important coverage stipulations in a NFIP flood insurance policy, however, some private flood insurance companies may provide much better coverages:
Keep in mind, when FEMA steps in to pay for flood damage to homeowners who don’t have flood insurance, they are offering a low-interest loan, not free money. The AssuredPartners Personal Lines team can help navigate your flood risk to ensure your assets are protected. To learn more, visit AssuredPartners Personal Insurance.
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