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Flood Insurance – Why You Need a Policy

What is Flood Insurance?

Flood insurance is a type of property insurance that covers losses caused by water damage due to flooding. This type of insurance product can save property owners from a lot of expenses in repairs and replacement.
Flood insurance typically covers listed damages resulting from heavy or prolonged rain, coastal storm surges, melting snow, blocked storm drainage systems, and other common flooding causes.
With floods considered a major event and disaster in many places, flood insurance coverage is essential and can protect against financial problems.

Why Should I Consider Flood Insurance?

Many homeowners skip taking out a flood insurance policy because they believe their buildings aren’t susceptible to this type of damage. However, flooding can happen anytime and anywhere.
Flooding can lead to extensive property damage, compromising the structure and use of the property. Lack of flood insurance coverage puts the property owner at risk of financial problems, especially considering the high cost of water damage restoration.

Depending on where your home or business is, you may be compelled to buy flood insurance, even when your property isn’t located in a flood plain.


Do I Need Flood Insurance Despite Having Homeowners/Renters Insurance?

Yes. You need maximum flood insurance coverage even if you already have homeowners’ or renters’ insurance in place. Both insurance policies cover different types of damages, as your standard homeowners’ or renters’ insurance policy does not cover damages resulting from flooding.

You should speak to your insurance provider to fully understand your homeowners’ or renters’ insurance policy and what it covers. Alternatively, you can go over the policy documents to determine if it covers damage due to floods.


How Flood Insurance Works

Flood insurance is a type of catastrophe insurance that covers specific damages not included in the homeowners’ or renters’ insurance policy. Flood insurance policies are available for homes and commercial properties, whether they are prone to flooding or not.

If you have a standard homeowners’ insurance policy in place, this covers standard interior water damage caused by bursts or leaking pipes, storms, etc. However, this insurance policy does not cover damages or destructions caused by flooding.

Flood insurance works like all other insurance policies, protecting policyholders from specific damages and their effects. In this case, it is important to know the flood insurance coverage requirements, especially as there is often a waiting period before the policy takes effect.

Some insurers, like the National Flood Insurance Program (NFIP), may pause your flood insurance for the first 30 days after you’ve purchased the insurance product. This means that the insurance provider does not cover any damages to your property within this waiting period.


How can I buy flood insurance?

Flood insurance with maximum flood insurance coverage is available to residential and commercial property owners through the National Flood Insurance Program (NFIP). However, property owners can explore other options, including private insurers, to safeguard themselves and their properties.

At Miller Hanover Insurance, we offer flexible flood insurance policies and our team is always willing to help you protect your valuable assets. As one of the most experienced insurance providers in the area, you can rest assured that our team will walk you through the process, answer your questions, and be clear about what is included in your insurance policy.

Our goal is to help you save money by protecting you and your property when it matters the most. Trust that our team is available to discuss your specific insurance needs with you.


What should I know about private flood insurance?

Other than the National Flood Insurance Program, residential and commercial property owners can explore private flood insurance providers to safeguard themselves and their properties. It is, however, important to contact experienced and licensed insurers like Miller Hanover Insurance for your flood insurance needs.

Home and business owners with an existing insurance policy with the NFIP can easily transfer their insurance coverage to a private provider like Miller Hanover Insurance. Our team can walk you through transferring your flood insurance coverage from NFIP to us.


How much does flood insurance cost?

The National Flood Insurance Program (NFIP) regulates the cost of flood insurance. However, the price may vary from one provider to another. Homes and businesses living in a flood zone or an NFIP-participating community can rely on the NFIP to find them an insurance agent.

At Miller Hanover Insurance, we are happy to meet with you and discuss your insurance needs, ensuring that you’re paying an affordable amount to keep your home or business protected at all times.


What happens if I’ve been redrawn into a flood zone?

Contact the Federal Emergency Management Agency (FEMA) if your home or business has been redrawn into a flood zone. Ensure that you have evidence that the lowest adjacent grade or ground touching your structure is higher than the Base Flood Elevation that qualifies for zoning into the Special Flood Hazard Area (SFHA).