A FEMA flood insurance policy normally carries a 30-day waiting period before it becomes active. The NFIP may waive its waiting period if you purchase new or add to existing flood insurance because of a mortgage or loan requirement.
A flood policy purchased through the Private Flood Market will have either immediate coverage or a 14-day waiting period.
The time to purchase flood insurance is BEFORE you need it!
Coverage for damage from flooding is generally excluded on other insurance policies, like homeowners. There are two routes to coverage: The FEMA federal-mandated program (National Flood Insurance Program/NFIP) and the Private Flood Insurance market.
The FEMA program is operated by the Federal Emergency Management Authority (FEMA). It provides up to $250,000 protection for buildings and up to $100,000 for contents. Coverage must be purchased through licensed insurance agents.
A newer option is flood insurance through private insurers, referred to as the Private Insurance Market. It offers options that may better fit your needs, such as higher coverage limits, replacement cost coverage, reduced waiting period or immediate coverage in some cases, and deductible options. We represent all the major carriers of private market flood insurance, and can help you find a policy to protect your property.
We can help you understand the way both types of coverage operate, explain the risks and benefits, and then arrange your flood insurance quickly and at the best value.
Contact us today for more information about Flood Insurance.