Rain entering through wind-damaged windows or doors or holes in walls or the roof resulting in standing water or puddles is considered windstorm rather than flood damage. Myth: Wind-driven rain is considered flooding.įact: While flood insurance policies specifically exclude wind and hail coverage, most homeowners’ policies include this coverage. If you don’t have an insurance company or if your insurance agent does not sell flood insurance, use the NFIP insurance provider locator to find a provider near you. Myth: Federal flood insurance can be purchased only directly through the NFIP.įact: The National Flood Insurance Program (NFIP) partners with more than 60 private insurance companies to sell and service flood insurance policies. If you live in an area of minimal flooding, you may qualify for a low-cost Preferred Risk Policy. Myth: Only residents of high-risk flood zones need to insure their properties.įact: More than 40% of NFIP claims in the last five years come from outside the high-risk area. Myth: Flood insurance is available only for homeowners.įact: Renters and business owners can get flood insurance too. Myth: Homeowners insurance policies cover flooding.įact: Unfortunately, many do not find out until it is too late that their homeowners policy does not cover flooding. There are a few exceptions that reduce or eliminate the waiting period. However, don’t wait, because policies typically take 30 days to go into effect. Myth: You can’t buy flood insurance immediately before or during a flood.įact: You can purchase flood coverage at any time. Myth: Not every flood zone has some flood risk.įact: Flood insurance is needed and available in all flood zones. Myth: Get the amount of flood coverage you can afford now.įact: Ask your insurance agent to quote you different levels of flood insurance coverage.įact: Renters can get contents coverage to be able to replace belongings. Federal assistance is not always available and is not enough to get you back to your pre-disaster condition. Myth: Disaster assistance is the same as flood insurance.įact: Without flood insurance, most residents must pay out of pocket or take out loans to repair and replace damaged items. Myth: You can’t buy flood insurance if you live in a high-risk flood area.įact: You can buy federal flood insurance no matter where you live if your community participates in the NFIP. Here are some of the most common myths and facts about flood insurance and the National Flood Insurance Program (NFIP): Lastly speaking with friends and families who live in flood zones to get their opinions if they think it’s a big risk or if they do not mind living in that area.Many property owners often have misconceptions about flood insurance, such as whether they can get it, when they can buy it, and how much it costs. They should be able to tell you based on location what risks are present and how often it might flood based on the bodies of water nearby. Speak to your real estate agent they see so many houses per day that they have almost seen it all. Speak with the homeowner and see how long they have been living there, what insurance do they have, and what storms or events cause any damage if any. Buying In A Flood Zoneīefore committing to buying the house take some time and speak with the current owner, real estate agent, or any friends and family you might have that live in a flood zone. You can go private but those rates vary and the policy has to be approved by the lender you are trying to get the mortgage with. The most conman program is The National Flood Insurance Program (NFIP) which was made by FEMA. If you looking to buy a house in a flood zone A or V, aka the high-risk areas, and are trying to get a mortgage with Fannie Mae, Freddie Mac, FHA, USDA, or VA loan, basically any government-related lender, you are required to get flood insurance. A perfect example is when hurricane Harvey hit Houston and a lot of houses that were not in flood zones getting damaged with many homeowners not having flood insurance. It is important to note that flood zones change every year and just because your house is not in a flood zone means there are zero risks. Risk of house getting flooded and having flood damage.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |