How Do You Get Flood Insurance?

Food insurance in Catonsville, MD is important because a home insurance policy will not cover damages caused by floods. Flood insurance is available through the federal government or private companies.

Your agent or insurer, such as HBW Insurance Group, should be participating in the National Flood Insurance Program (NFIP). There aren’t any restrictions on who can purchase a flood policy. While you don’t need to live in a floodplain or a high-risk area, the cost of the policy can usually deter those with low risk. Your community does need to participate in the NFIP but most communities do.

While the government backs policies, there isn’t an option to buy flood insurance directly though the government and you have to buy from an agent. The premiums will be the same no matter what agent or insurer you go through. The rates are set by the NFIP and will depend on predetermined factors, such as the year your property was built, the flood risk, and the value of the property. When you file a claim, the insurer and not the government will handle it. There are many pros of buying this type of coverage, including that it’s available to everyone and it’s reliable.

There is also the option to buy private flood insurance that is separate from the NFIP. Flood insurance purchased through a private policy can be more or less expensive than policies from the NFIP. There are also a few risks with buying insurance like this since you may be suddenly dropped and you may actually be required by your mortgage lender to have a policy backed by the NFIP. It’s also not available to everyone. However, there could be higher claim limits and a shorter waiting period before coverage kicks in.

Contact HBW Insurance Group, serving Catonsville, MD, to get a quote on flood insurance.