Cheap Flood Insurance

Cheap Flood Insurance

What is flood insurance? What does flood insurance cover? Do I have to buy flood insurance? Where can I buy cheap flood insurance?

Having the proper type and amount of insurance is important for all homeowners, whether you are a first-time buyer of a “fixer-upper” or you are an established owner of your own well-furnished “castle.” Many homeowners realize the importance of having insurance and therefore have a traditional homeowner’s insurance policy, yet just as many may not realize that damage caused by floods is not covered by that same policy. If you have realized this fact and are now shopping for a flood insurance policy, you may be dealing with sticker shock or dreading the fact that you must pay yet another premium to protect your home.

Flood insurance is a requirement for residents living in high risk flood areas and also for individuals whose homes are mortgaged through certain federal agencies. Flood insurance is almost exclusively provided by the National Flood Insurance Program (NFIP) at this time, and can be obtained through the Federal Emergency Management Agency (FEMA) or through private insurance agencies who act as an intermediary between the consumer and FEMA. As there is little to no competition from the private sector at this time, rates for flood insurance are typically set rates that are dependent on where the house is located and the risk for flooding in that area.  Recently people have been stuck with the federal flood program, until now. The NCIP offers private flood insurance at a competitive rate and does not require an elevation certificate!

Does this mean that homeowners are forever stuck with high premiums? Not necessarily. Homeowners living in high-risk areas can take steps to lower their premiums. Some of the recommendations from FEMA may seem drastic, especially to potential builders and buyers, as they recommend not even considering building or buying a home in a known flood plain. Others are costly procedures, but more manageable, such as raising the house above the base flood elevation, installing “flood openings,” or ensuring that things like heating and cooling units are elevated above the flood elevation level. Homeowners who have a desire to engage their community can potentially lower the flood premiums for an entire town or city by working together to enact changes that will lower the entire area’s risk for floods and reduce everyone’s premiums.

So, if there is no “cheap” insurance to be found, and you are required to purchase flood insurance for one reason or another, does that mean you’re left to simply accept the high premiums? No! Homeowners have the power to lower their premiums through upgrades and modifications, and they can also continue to research the emerging private sector flood insurance options, such as the National Catastrophe Insurance Program offered on this website. While still a new and emerging market, these private agencies may be able to save homeowners money while providing more comprehensive coverage to clients at a lower price. Time spent researching this subject may be very beneficial to individuals in regions covered by these new private policies.

Your search for cheap flood insurance may be complete! Request a quote on the right and a licensed agent will be in touch with you to offer a quote through a private flood insurance carrier.

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.

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.