Flood Insurance Basics

This is the time of year when we frequently get a lot of questions about flood insurance.  Many people believe that they are automatically covered for flood by their homeowners insurance, but that isn’t the case. 

Flood insurance is completely separate from your homeowners policy.  If you have a mortgage, then your lender will require that you carry flood, but that only applies if you live in a flood zone.

But you can still get flood coverage, even if you’re not in a flood zone.  If you’ve seen water rise in your area in the past, then it’s a good idea to look into it. 

Here’s what you need to know.  First, flood coverage cannot be started immediately.  Because it is a federal program, it requires a 30 day wait period before it becomes effective. 

That means that once the storm hits, and the water is rising, it’s too late to get covered! 

If your mortgage is paid off, it’s even more important to look into flood coverage.  You see, many people don’t realize they are at risk until a flood hits!  Without required coverage on your mortgage, you might be unaware too.

Give us a call today at 973-948-3200 to get a free, no obligation quote and review your risk with one of our agents.