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Why Should I Consider Flood Insurance?

Flood damage can happen to you, no matter where your home, apartment, or business is located. You can buy flood insurance even if your property is not located in a flood plain. In some cases according to federal law, mortgage lenders may require a home or business owner to purchase flood insurance.

Flood insurance can be purchased through licensed property and casualty insurance agents in Pennsylvania to cover almost any building and its contents, including rental property and condominiums. Tenants can buy protection for their belongings as well.

I Have Homeowners/Renters Insurance. Am I Already Covered?

No. It is important to be aware that a standard homeowner’s or renter’s policy does not cover damages resulting from a flood. Remember there may be a waiting period for your flood policy to take effect. For example, there is a 30-day waiting period for National Flood Insurance Program (NFIP) flood insurance policies to become effective.

The Federal Emergency Management AgencyOpens In A New Window (FEMA), which administers the NFIP, has many educational pieces to help consumers understand the basics of flood insurance, how to protect your home, and what to do if you are the victim of a flood.

How Can I Buy Flood Insurance?

Although flood insurance has traditionally only been available to homeowners or renters through the NFIPOpens In A New Window, today there are also private insurers, including surplus lines insurers. Surplus lines coverage is insurance that is provided by an insurer that is not licensed in the insured’s state. 

When purchasing flood insurance, it is important to consider the kind of coverage you may need. Insurers write different types of flood insurance policies such as coverage for the dwelling – the structure of your home, and contents – your personal property within the dwelling.