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Most homeowners insurance does not cover damage due to flooding.
The National Flood Insurance Program (NFIP) provides flood insurance through more than 85 participating companies. Contact
our agents when you are ready to purchase a policy. Don’t delay as there typically is a 30-day waiting period before the policy
becomes effective.
When flood insurance is required:
If you buy a house in a designated high-risk flood zone
and receive a mortgage loan from a federally regulated or insured lender, your lender is legally bound to require you to get
and maintain flood insurance.
When flood insurance is not required:
If you have a home of business in a low-or-moderate
risk flood zone, flood insurance is not required. However, flood insurance is still available and you may be eligible for
a low-cost Preferred Risk Policy.
30-Day Wait
There is a standard 30-day waiting period, from date of purchase,
before a new flood policy goes into effect. However there are some exceptions to the 30-day wait.
- If your lender
requires flood insurance in connection with the making, increasing, extending or renewing of your loan.
- If an additional
amount of insurance is required as a result of a map revision.
- If flood insurance is required as a result of a
lender determining that a loan, which does not have flood insurance coverage, should be protected by flood insurance.
The
coverage will be effective upon the completion of an application and the presentment of payment of premium. If an additional
amount of insurance is being obtained in connection with the renewal of a policy.
Buying Insurance
When you
are ready to purchase insurance, talk to our agents. We will help you determine the flood insurance coverage that will best
meet your needs.
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