Get flood insurance quotes, cost & coverage fast with the National Flood Insurance Program (NFIP). Keep your home and property protected from flood damage.
When it comes to flood insurance and your condo, renters and homeowners insurance there are some important points to keep in mind.
A common question is, "I already have homeowners, renters or condo insurance - am I already covered?" The simple answer No. It is important to be aware that a standard homeowners, condo or renters policy does not cover damages resulting from a flood.
Homeowners, condo and renters insurance typically cover dwelling damage that comes from the top down; like as rain and wind damage, or originates inside like fire or burst pipes - but it doesn't cover rising water and flooding. This is why you might want to consider purchasing a flood insurance policy.
There may be a waiting period for your flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective. This is why you can't wait until you see a big storm on the weather channel, or wait until hurricane season to buy flood insurance for you home, apartment or condo.
Next, a "flood" is generally defined as "a temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:
- overflow of inland or tidal waters, or...
- unusual and rapid accumulation or runoff of surface waters from any source, or...
- mudflow or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves, or...
- currents of water exceeding anticipated cyclical levels that result in a flood as defined above.
Do You Need Flood Insurance?
Now, in case you think that flood insurance is only for homes that are on or near the water, that's not necessarily the case. For example, even if you live several miles away from water flood waters can still reach your home, as happened during hurricane Sandy. In fact, nearly 25% of flood insurance claims are paid on policies in low-to-moderate-risk areas.
What's more, it's not always a major body of water, or even a major storm, that causes a flood. Things like a broken sewer line to a slow moving rainstorm can cause flooding. Furthermore, experts say your home has a 26% chance of being damaged by a flood over the life of a 30-year mortgage.
Your mortgage company may require you to get flood insurance if you live in a high-risk area, and this extra expense often surprises home buyers.
How Much Does Flood Insurance Cost?
How much does flood insurance cost? This is the question most on people's mind when they are shopping for a flood policy. Because flood insurance is not a one size fits all, and there are many factors that are taken into consideration in your premiums - the easiest way to get flood insurance rates is to contact an agent to discuss your situation. Then you can get an accurate flood insurance quote to see the cost.
Below are some of the main factors that make up the cost of flood insurance for your apartment, condo or home:
- Your property's flood risk - what flood zone you are in. More risk = higher premiums, less risk = lower premiums.
- How much coverage you need. More coverage = higher premiums, less coverage = lower premiums.
You can look up your flood zone at:
FEMA Flood Map Service Center: Search By Address.
How Can I Buy Flood Insurance?
Although flood insurance has only been available to homeowners or renters through the NFIP, it is now available through private insurers, including surplus lines insurers. This means more options when you are shopping for flood insurance.
When buying flood insurance, it is important to consider the kind of coverage you need. There are limits to these policies - the highest amount your policy will pay for a covered loss. If you have damage or losses over the amount of your policy limit, you are responsible for those costs.
Insurance companies write different types of flood insurance policies including dwelling - the structure of your home - up to $250,000, and its contents - your personal property within the dwelling - up to $100,000.
If you want to cover your dwelling and property for more than the NFIP's maximum limits, you may be eligible to purchase additional coverage known as an excess flood insurance policy.
What Flood Insurance Doesn't Cover
Flood insurance typically does not cover:
- Precious metals
- Stock certificates
- Bearer bonds
- Trees & plants
- Wells & Septic systems
- Hot tubs
- Swimming pools
- Boat houses
- Retaining walls
- Storm shelters
- Temporary housing and other living expenses
- Loss of income
- Post-flood mold damage
- Sewer backups
Get A Flood Insurance Quote
If you own or rent a home in PA, let one of our expert agents take a look at your policy, or talk to you about a first time policy.
If you are looking for state specific flood insurance quotes, costs and information: California Flood Insurance, Delaware Flood Insurance, Kentucky Flood Insurance, New Jersey Flood Insurance, New York Flood Insurance, Pennsylvania Flood Insurance, Texas Flood Insurance.
More Information on Flood Insurance
Floods can happen suddenly and can do tremendous amounts of damage. Following is some more useful information about flood insurance polices: