Nobody expects a flood. Rising waters occur quickly and without prejudice. In fact, it only takes a few inches of water to cause severe damage to your home and belongings. Even if you don't live in a flood plain, floods can happen. Those without flood insurance depend on the protection of the Federal Emergency Management Agency (FEMA) and other government agencies. If you are a homeowner, it's critical to have flood insurance, but before you search for flood insurance quotes, there are several things to consider.
Since the Atlantic Ocean fronts Connecticut, storms are common. All residents in Connecticut should purchase a flood policy in order to protect their belongings. Many people are under the assumption that their homeowners insurance covers floods. Unfortunately, it doesn't, leaving many having to pay out of pocket for the damage floods do.
Depending on where you live in Connecticut, your mortgage lender may require you to have flood insurance. For example, if you reside in a FEMA-designated flood zone, you will be required to have flood insurance in order to purchase your home. FEMA is currently working on updating the CT flood maps, so rates may change.
When looking at flood insurance policies, there are three standard flood insurance policy forms:
For all standard dwellings, your coverage will usually start with options like this:
You may purchase either or both of these, although the National Flood Insurance Program (NFIP) recommends both so that your building and your property are both covered under the flood insurance policy. Your lender may also require you to have certain limits on your policy, so be sure to ask.
While these policies will cover both your home and most of your possessions, they will not cover cars, ATVs, boats and anything outside the residence.
Some flood insurance policies have limits on multi-story homes. For example, if you have a basement full of personal items, your policy may not cover those items.
You can choose from two different types of reimbursement for your flood policy:
You can purchase personal property flood insurance only with the ACV reimbursement option.
Quotes for flood insurance will be set based on where your home is located, as well as a few factors personal to you:
The average price of a flood insurance policy in Connecticut is $500, but your flood insurance premium may be more or less depending on the above factors.
Floods are the number one disaster in the United States. In order to protect yourself, it's important to get flood insurance. Many insurance agencies work with the NFIP in order to make policies available to everyone. Whether you need to get quotes, adjust current policy limits, sign up for a new policy or even file a claim, a Trusted Choice® agent is always available to help.
Contact a Trusted Choice agent for more information on your next flood insurance policy.