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Do I need a Flood Policy?
When new maps are issued, your risk may have changed as well - along with your flood insurance requirements. However, there is usually a six- to twelve-month period between the time the new “preliminary” maps are issued and the time that they are implemented. This gives you adequate time to protect your property and, possibly, save on flood insurance.
If your property is mapped out of a high-risk area, your flood insurance costs will likely decrease. If you’ve been mapped into a high-risk area, you will be required to purchase flood insurance if your mortgage is through a federally regulated or insured lender. However, you can save money through a process known as "grandfathering." You can take advantage of grandfathering by obtaining a policy before the new maps take effect. You’ll likely qualify for the NFIP Preferred Risk Policy (PRP), which covers buildings and their contents for as little as $119 for the first year. On renewal, you will qualify for the standard rates associated with moderate-to-low risk zones, rather than high-risk zones. To lock in the lower rate, you must purchase flood insurance before the new maps become effective - otherwise, the property will be rated using the high-risk flood zone on the new map. Learn more about grandfathering here.
Know your area. Learn your flood risk and see when new flood maps will be available for your community.
What Is Not Covered You may be surprised to learn that most homeowner's policies cover nearly every possible disaster or loss except those caused by floods and earthquakes. Examine your policy to see if any other coverage is needed to protect you from catastrophe. See the U.S. Federal Emergency Management Agency (FEMA) website www.floodsmart.gov for more information about the NFIP. There are other exclusions that may specifically impact you and your coverage.
Who Is Covered Your policy covers more than just the person listed as the primary insured. Under the coverage for personal property and liability, others may be covered including: your spouse (if he/she is not listed with you as primary insured); residents (your children or anyone else residing in your home under the age of 21 in the care of any member of your family); employees (housekeepers, au pairs, or gardeners); or guests and other visitors, provided you contact your insurance company to request coverage.
Apartments & Condos Insurance
You may still want a tenant's homeowners policy to cover your personal property and personal liability
Get a quote online!
INSURANCE FOR YOUR VALUABLES
Personal Property Replacement Cost coverage
Having a valuable lost, stolen, seriously damaged, or destroyed, is stressful enough.
Not being able to replace it can be devastating.
This happens more than you might think.
Many policies only pay actual cash value, which, after depreciation, can be much lower than the actual replacement cost.
Even worse if an item is alder than the depreciation table allows, you might not receive any money at all.
Protect yourself!
