Get Kentucky flood insurance quotes, cost & coverage fast with the National Flood Insurance Program (NFIP). Keep your KY home and property protected from flood damage.
KY Flood Insurance
When it comes to Kentucky 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 KY 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 Kentucky flood insurance policy.
There may be a waiting period for your KY 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 Kentucky 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 KY flood insurance if you live in a high-risk area, and this extra expense often surprises home buyers.
If you own a KY business, you can learn about Kentucky commercial flood insurance.
How Much Does Kentucky Flood Insurance Cost?
How much does Kentucky 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 Kentucky flood insurance for your apartment, condo or home:
- Your KY 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.
How Can I Buy Kentucky 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.
KY Flood Insurance Quotes
Request a Kentucky Flood Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.
Kentucky Insurance Rules
In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.
KY Business Insurance
The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.
Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.
There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.
You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.
Kentucky Personal Insurance
There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.
There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.
If you are looking for state specific flood insurance quotes, costs and information: California Flood Insurance, Colorado Flood Insurance, Delaware Flood Insurance, Florida Flood Insurance, Illinois Flood Insurance, Kentucky Flood Insurance, New Jersey Flood Insurance, New York Flood Insurance, Oregon Flood Insurance, Pennsylvania Flood Insurance, Texas Flood Insurance, Washigton 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: