FLOOD INSURANCE
Who can get flood insurance?
Most residents of most communities can buy flood insurance on their
houses, businesses and contents. Specifically, the community must
participate in the National Flood Insurance Program, (NFIP) and the
property must not be in a coastal barrier or
otherwise protected area.
Where do I buy flood insurance?
Most insurance agents and brokers have access to the NFIP. Start with
your current home or auto agent. Some insurance companies (Write Your
Own or WYO
companies) have a special arrangement with the NFIP to write
federally reinsured flood policies. Rates are the same whether written
with the NFIP or a WYO company.
How do I get a quote?
Flood rates depend on
-
- the type of policy - residential, condominium, business
- the flood zone in which the property
is located
- the age of the building - if it was built before publication of
the community's Flood Insurance Rate Map (FIRM), pre-FIRM rate tables
are used. If it is post-FIRM and in a special flood hazard area (A,V),
a flood elevation certificate, prepared by a licensed
professional, is required.
- the number of stories of the structure and whether there is a
basement (below ground level on 4 sides).
Properties in zones B and C qualify for the Preferred Risk Program
There is a 30 day waiting period
for new policies to go into effect (there are a few exceptions). It's
too late to buy flood insurance when the hurricane or flood crest is on
the way.
Related Topics
The Flood Insurance Policy
Flood Maps
The Coastal Barrier Resources Act
Is it a building item or contents?
Related Sites
Federal Emergency Management Agency