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Flood Insurance
What does it cover? And, do I need it?
Flood insurance is a separate policy by itself. Flooding is NOT covered under your homeowners insurance or commercial property policy. The best way to describe what flooding is- it's rising waters coming inside from the ground up. It seeps through the walls and crevasses of your home or business.
Flood insurance covers your home and personal contents. Through the National Flood Insurance Program (NFIP) the maximum standard coverage limit for the building is $250,000; which is at replacement cost and your personal contents maximum coverage limit is $100,000; which is at actual cash value. You can also purchase flood coverage through private carriers. Private carriers who offer flood insurance often have more coverage options like; replacement cost on your contents, other structures coverage, loss of use coverage and full replacement cost of your home or building.
If you purchase flood insurance through the NFIP, when you first buy a home or business, you have 30 days from the date of closing to get coverage with no waiting period. If you decide you don't want to get coverage right away, and it's after the 30 days from closing you will have a mandated 30-day waiting period before it is effective. You will have to pay your premium in full at the time you submit the application. If you purchase flood insurance from a private carrier, you may or may not have a waiting period, depending on their rules.
DO I NEED IT?
When you are purchasing a home or business, and depending on which flood zone the structure is located in, you may or may not be required to purchase flood insurance. If the home or building is not in an "X" zone, then you will be required to purchase coverage to satisfy your lender's requirements. To find out if you are located in an X zone click this link: https://msc.fema.gov/portal/home
If you are in a non-preferred flood zone, to help lower your premium, a flood elevation certificate would be in your best interest. You may want to ask the previous owner if they have had one done, as the certificate is good for the life of the structure and transferable owner to owner.
