Who can get flood insurance?
Most residents of most communities can buy flood insurance on
their houses, businesses and contents. Specifically, the community
must participate in the National Flood Insurance Program, (NFIP)
and the property must not be in a
Coastal barrier or otherwise protected area
Where do I buy flood insurance?
Most insurance agents and brokers have access to the NFIP. Start
with your current home or auto agent. Some insurance companies
(Write Your Own or WYO companies)
have a special arrangement with the NFIP to write federally reinsured
flood policies. Rates are the same whether written with the NFIP or a WYO company.
Recently, more companies, like Lloyds of London, have entered the flood insurance market and developed their own rates, which are often lower than NFIP rates. These policies are not federally reinsured.
How do I get a quote?
Flood rates depend on
the type of policy - residential,
zone in which the property is located
the elevation of the building - if
it is in a special flood hazard area (A,V), a flood
elevation certificate, prepared by a licensed
professional, may be required.
the number of stories of the structure and whether there is a
basement (below ground level on 4 sides).
Properties in zones B, C and
X qualify for the
Preferred Risk Program
There is a 30 day waiting period
for new policies to go into effect
(there are a few exceptions). It's too late to buy flood insurance
when the hurricane or flood crest is on the way.
The Flood Insurance Policy
The Coastal Barrier Resources Act
Is it a building item or contents?