How to Buy Flood Insurance
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 your insurance agent 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.
If your insurance agent is unfamiliar with the NFIP, or is not licensed to sell flood insurance from the NFIP, you have two additional options:
- Find an agent serving your area; or
- Contact the NFIP at (888) 379-9531 to request an agent referral
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 your agent. He or she will help you determine the flood insurance coverage that will best meet your needs.