Kentucky Flood Insurance (QUOTES, COST & COVERAGE)
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.
Kentucky 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.
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 insurancee 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.
Read more on the Kentucky Department of Insurance Flood Insurance Fact Sheet page. You can also look up your flood zone at: FEMA Flood Map Service Center: Search By Address.
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 Anaheim, Bakersfield, Chula Vista, Concord, Corona, Elk Grove, Escondido, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hayward, Huntington Beach, Irvine, Lancaster, Long Beach, Los Angeles, Modesto, Moreno Valley, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Pasadena, Pomona, Rancho Cucamonga, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Ana, Santa Clara, Santa Clarita, Santa Rosa, Simi Valley, Stockton, Sunnyvale, Thousand Oaks, Torrance, Vallejo, Victorville, Visalia and all other cities in KY.
The Kentucky Department of Insurance
The KY Dept. of Insurance is the regulatory agency behind the insurance rules for the state of Kentucky. If you want to understand these rules, then this is definitely the agency that you need to focus on. Let’s start with limits within the state.
Kentucky Minimum Insurance Limits
- For auto insurance, Kentucky requires $15,000 per person and $30,000 per accident.
- For life insurance, there are certain regulations in place to determine how someone is able to get or offer life insurance, but there are no limits listed.
- For commercial insurance, insurance agents may offer broker or casualty insurance as well as covered property insurance, covered causes of loss, specified perils and open perils along with a number of coverage forms like builder’s risk, legal liability, building ordinance, glass, peak season, inflation guard and peak element.
KY Insurance Regulations
As for regular insurance regulations there are a lot of things that Kentucky provides that you can look up. For example, there are deadlines for the insurer to pay the claim or deny it, deadlines for submitting paperwork to prove a loss for insurance reimbursement, specific information your insurance company is required to give you and regulations on what information you have to provide to your insurance company.
One of the Kentucky regulations calls for you to be treated by your insurance company in good faith. This means that your insurer must be considered of your needs and must communicate completely and honestly with you about your policy and everything that you need to know about it in order to make a good decision. In turn, you are legally obligated to be honest and cooperative with your insurance company when it comes to your claim.
You should also be aware that your insurance company is required to offer prompt, honest and complete communications. The company and all of its representatives must respond to your communications within 15 calendar days with a complete response based upon the facts that are known.
Finally, be aware that your insurance company is required to have a fair claims process. Unless it is specified in your policy, you do not have to use the forms that are provided to you by your insurance provider in order to make a claim. You can create a list of losses on your own if you need to. In addition, insurers are not able to ask for unreasonable proof of loss. If you provide photographic evidence or video of items that you lost, insurers are not able to ask you to provide additional information.
Different States Kentucky Flood Insurance
If you are looking for state specific Kentucky Flood Insurance insurance quotes, costs and information: