3 Questions You Need to Ask Before Flood Season

Spring = Flood Season

Spring is a prime season for flooding and now is a good time to review your options. At Howard Hanna Insurance Services, we want you to be educated about all the risks you may face – before a loss occurs. Many people are surprised to learn that standard homeowners insurance doesn’t cover flood damage.

According to the National Flood Insurance Program (NFIP), nearly 25% of the program’s claims occur in moderate to low risk areas. You may want to consider a policy for peace of mind, even if you don’t live in a flood-prone area. Because very few companies offer flood insurance, the U.S. government created the National Flood Insurance Program (NFIP) in 1968. Here are three questions you should ask as spring is almost here.

  1. Is flood insurance available in my area? Ask us! Give us a call at 800-646-5355 to find out if you’re eligible for flood insurance. To participate in the NFIP, a community must adopt and enforce a floodplain management ordinance with rules regarding construction in certain flood-prone areas. In exchange, the government makes flood insurance available within that community. We’re happy to help you find out if you’re eligible for flood insurance.
  2. What does it cover? The NFIP provides coverage for both the structure and its contents. Coverage for contents is optional in some cases, so you may want to give us a call to discuss other coverage for your personal property. Keep in mind that you typically can’t purchase flood insurance and have it take effect the next day. There’s usually a 30-day waiting period. (exceptions to this rule apply, particularly when the insurance is required by a lender and is purchased during the process of securing a mortgage.)
  3. How much does it cost? As with all insurance policies, the cost of flood insurance varies depending on your situation. If your home or business is in a high-risk area, such as a “special flood hazard area,” your premium will be higher than those in low or moderate risk zones. Premiums are based on how old the building is, how many floors it has, the location of its contents, your deductible and more. Renters insurance is typically less expensive, as renters generally insure their belongings and not the building.

As always, we’re happy to help you determine your insurance needs. We can be reached at 800-646-5355. The NFIP website is also a good resource: fema.gov/national-flood-insurance-program.

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