Home Insurance Advice- Flood Coverage NOT Included
2009-11-23
When it comes to protecting your home, you want to make sure that you do everything in your power to get the insurance that will protect your home fully. However, many people shop for home insurance quotes and then call it a day. Unfortunately, flood damage is NOT included on a home insurance policy, and must be written as a completely separate policy. When you get home insurance, it doesn’t matter who writes the policy so long as you find a company that you enjoy working with who can provide you with the rates and service that you need.
Flood insurance is ONLY available through one insurance provider. While there are many companies who can sell the policies, they all come from one underwriter, who is the actual insurer of the policy. That provider is the National Flood Insurance Program. More commonly known as NFIP, National Flood is the only insurance entity that is recognized and approved by the government to offer flood insurance. Since floods are a matter of national interest, the government wants to be able to keep everything in order. If they had flood insurance offered through 100 different companies, it would be hard to regulate and track when emergencies occurred.
The FIMA (not to be confused with FEMA- Federal Emergency Management Administration), or Federal Insurance Mitigation Administration is responsible for managing the NFIP and taking care of the regulations and guidelines that are set forth. Nearly 20,000 communities that are in designated flood plains across the country are managed and offered flood insurance by this one plan and provider, allowing the government to keep a better handle on who is protected and who doesn’t. There are some homes and communities that are required to have flood insurance, and some where it is optional.
When you apply for a home insurance quote, it is imperative that you find out whether your home is in an area where you are required to have flood insurance, as well. If so, you are required to get that plan from the NFIP as soon as possible. The premium for flood insurance must be paid in full annually, also, so be prepared for that expense. On average, it won’t cost more than a few hundred dollars depending on how at-risk your home is for flooding.
While we can’t provide you with flood insurance quotes at InsuranceQuote.com, we can provide you with access to home insurance quotes from top names in the industry, with whom you can discuss your need for flood insurance and what your next steps are.