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Flood Insurance

What You Should Know About Flood Insurance

Floods are now the most common natural disaster in the US, according to FEMA. Despite this, flood damage is typically not covered by a homeowners policy. Even if you do not live near the ocean or a body of water, no property is safe from the possibility of flooding. Our seasoned team of insurance professionals are well versed in flood insurance, coastal homes, and elevation certificates.

Coastal Real Estate and Lender Requirements

If you live in a high-risk flood zone and have a mortgage on your home, your lender may require you to purchase flood insurance as part of your mortgage requirements.

Buying or selling coastal real estate? Our team of insurance professionals can work with realtors, buyers, and sellers to transfer flood insurance or find an appropriate market for your insurance needs. We are skilled at meeting bank requirements in time for closing.  

Which Flood Insurance is Right for Me?

Primary Flood

The standard limit of $250,000 for Primary Flood on the Dwelling will generally satisfy most bank requirements. The addition of $100,000 of personal property is typically added for an additional premium.

Excess Flood

Excess Flood can be purchased through the homeowner’s company (if allowed) or through a specialty market. Excess Flood picks up where the $250,000/$100,000 FMA/NFIP ends and can often go up to the Full Dwelling/Contents Value.

Flood Extension and Difference in Conditions (DIC) Enhancement

Some homeowner’s companies offer this coverage enhancement for a small additional premium. The following are common ways that primary flood coverage is broadened: single location flood; replacement cost coverage; additional living expenses; other structures; basement improvements, basement contents and up to $10,000 of property removal.

How Much is Flood Insurance?

The cost of flood insurance for your property will be determined by several factors including the age of your home, where it is located, and the type of coverage you are purchasing. Reach out to our team to learn more about pricing for your unique property.

Does Flood Insurance Have a Waiting Period?

It should be noted that in most cases, it takes 30 days for a flood policy to go into effect once the application is submitted. There are a few exceptions to this rule. For example, if you purchase a flood insurance policy in conjunction with a mortgage loan, there could be no waiting period. If your property already has flood coverage and you decide to renew the policy, there generally is no waiting period- the new limits will begin when your old policy expires. If you have questions about flood insurance waiting periods, you can reach out to our knowledgeable staff.

Flood Insurance for Fairfield County, CT

Fairfield County through Eastern Long Island has become an area of concern in recent years for both insurers and homeowners. Due to our proximity to the CT Coast and our client base with a wide geographic spread, we are well versed when it comes to the various flood insurance options that may be available for coastal properties. Our team has offices in Darien, Fairfield, Greenwich, New Canaan, Ridgefield, and Westport. Interested in starting a conversation on flood insurance? You can find a listing of our locations here.

Flood Insurance for Florida Properties

If you are looking for flood insurance for your home or second home in Florida, our team in West Palm Beach is here to help. While flood insurance is not legally required in Florida at this time, the terrain and average rain fall present constant risks for flooding.

We're here to help. Reach out to our team today.