When & How to Buy Flood Insurance

Many property owners fear water damage, and for good reasons. Severe flooding causes significant property damage and safety threats, but even minor flooding leads to soaring expenses and long-term headaches. A small amount of standing water can lead to structural damage, ruined flooring, and loss of personal items like furniture and electronics. Fortunately, property owners and renters can replace many of these valuable items with flood insurance. Finding a reliable agent for Augusta flood insurance saves time, money, and stress in the event of a flood.

When to Buy Flood Insurance

You may wonder when, or if, to buy flood insurance, especially if you already have a homeowners or renters policy. The answer is, you should purchase flood insurance as soon as you rent or purchase your property. There are compelling reasons to take this step immediately.

  • Legal requirements-Federal law requires property owners in high-risk flood zones to purchase flood insurance. Mortgage lenders may require those outside high-risk areas to buy flood insurance, as well.
  • Widespread risk-Flooding happens everywhere, even without nearby rivers or oceans. Heavy rain, broken pipes, and inadequate infrastructure all cause flooding in homes, businesses and apartments.
  • Unpredictable timing- It may be tempting to put off your flood insurance purchase in a dry spell, but it only takes one storm to create a flood risk. Broken pipes occur all year, especially in cold temperatures, regardless of precipitation levels.
  • Homeowner policy limitations- Homeowners’ insurance and renters’ insurance generally do not cover flood damage. You may be responsible for covering all repairs yourself, which can be very expensive. If you rent your home, the landlord is responsible for structural repairs, but you are on your own for replacing personal possessions.
  • Limited government funding-Most weather-related flooding events do not warrant a disaster declaration. Even if they do, the funds merely start the recovery process and do not cover all repairs. You may also receive funds through a federal loan instead of a grant, meaning you must repay the government.

How to Get Flood Insurance

Buying flood insurance is different than buying regular property insurance. To qualify, you must live in a community that participates in the National Flood Insurance Program (NFIP). Over 24,000 municipalities currently participate, so there is a good chance that your property qualifies based on location. Secondly, you must work with an NFIP partner agent. Not all insurance providers participate. The NFIP website provides links to partner agents and companies to help property owners find coverage.

Talk to your local Augusta flood insurance provider to learn more about your insurance requirements, plan options, and projected premiums. Working with a trusted agent will help you find the right policy to reduce your liability and give you peace of mind.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of SB One Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.