Oahu Hawaii Flood Insurance

Oahu Hawaii Flood Insurance

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The island of Oahu is a little piece of paradise on earth. Warm breezes, sunshine, and stunning natural beauty combine to make it a wonderful place to call home. Most of the time, home and business owners in Hawaii can fully enjoy the atmosphere of the island without having to worry about natural disasters disrupting their life. But every so often, floods affect Oahu and can leave behind financial damage that is just as devastating as the flood damage. For this reason, Oahu residents should strongly consider purchasing flood insurance to cover their property.

As Oahu residents might expect, areas along the coast are classified as Special Flood Hazard Areas (SFHA) by the Federal Emergency Management Agency (FEMA). The statistical qualification for SFHA status is a one-in-four chance of flooding during a thirty year period, though Hawaiians know that the risk for flooding on Oahu is a bit higher. Heavy rains, high surf, tropical storms, and hurricanes bring flood conditions to Oahu each year.

Compiled data shows that damages from flooding can cost up to $10,000 for every inch of floodwater that accumulates in a home or business. This is a national average, and costs in Oahu can be much higher than that figure. Without flood insurance, property owners and renters are left to pay the high costs of repairing flood damages out-of-pocket or with loans. The standard homeowners or rental insurance policies do not cover flood-related damage.

In order to obtain a flood insurance policy and obtain financial protection against flood-related damages, Oahu residents should consult their insurance agent and discuss the two flood insurance programs currently available on the market. The first is the National Flood Insurance Program (NFIP), a federally-backed program which offers coverage for home and business owners across the United States. Policy premiums can be subsidized and are originally priced based upon location, actual likelihood of flooding, and whether or not flood mitigation efforts have been made around the community or the home.

A second option for Oahu residents is the National Catastrophe Flood Insurance Program (NCIP). Privately underwritten, the NCIP is a newer option on the market and currently available in only a select number of states, including Hawaii. The program offers more comprehensive and higher coverage limits, as well as lower premiums.

It is important that Oahu residents make both an informed and timely decision. Both the NFIP and NCIP have waiting periods, a length of time between the approval of the policy and the activation of policy coverage. For the NFIP, policyholders have a thirty day waiting period, while NCIP customers have a fifteen day waiting period. To purchase a policy sooner rather than later ensures coverage sooner rather than later.

The process of selecting a flood insurance policy in Oahu is not difficult, nor should it be delayed for any reason. Purchasing a flood insurance policy not only provides financial protection against the high costs of flood damage, it provides a corresponding peace of mind to the property owner. Contact us now for more information about the Oahu Hawaii flood insurance.

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All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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Taking 2 minutes to complete the quote form may help you to save hundreds! Upon receipt we will provide a quote to you within 2 hours of your request.

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