As a Delaware resident, you may not realize your homeowners insurance policy does not cover damages resulting from flood waters until flood waters have already risen. The protection of a comprehensive flood insurance policy can help you recover quickly, should your home be damaged by rising waters.
Before you search for flood insurance quotes, however, there are several things to consider.
According to the National Flood Insurance Program:
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance to homeowners, renters, and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce ordinances that meet or exceed FEMA, which works closely with nearly 90 private insurance companies to offer flood insurance to property owners and renters.
In order to qualify for flood insurance, a community must join the NFIP and agree to enforce sound floodplain management standards. The NFIP, a federal program, offers flood insurance, which can be purchased through property and casualty insurance agents. Rates are set and do not differ from company to company or agent to agent. These rates depend on many factors, which include the date and type of construction of your home, along with your buildings level of risk.
Fortunately, most Delaware cities and counties participate in the NFIP.
Flood waters do not discriminate and chances are, at some point during your life, your home will be flooded. The choice to purchase a flood insurance policy may come down to your level of risk.
According to FEMA, most people are likely to need flood insurance at some point. It projects that homeowners fend off flood waters at least once every five years. FEMA has flood plain maps for every area in Delaware, and it lists areas as 10-year, 30-year, 50-year or 100-year flood plains based on elevation, slope of the land, soil, proximity to water sources and other factors. It's a good idea to take a look at FEMA's assessment of your specific Delaware location.
Most Delaware insurance companies, and their partnership with the federal government, offer the following flood insurance protections:
For standard dwelling coverage, you have two options:
The NFIP strongly recommends homeowners purchase both coverage options. It's a good idea to speak with your lender, as a mortgage company can also require you to carry a certain amount and type of flood coverage if your home is located in a flood zone.
Now that you understand how your home can be protected with a flood insurance policy, find out how the items you keep inside can be insured.
You can only buy personal property flood insurance at actual cash value coverage, while your home itself can be covered by replacement cost value.
Flood insurance is complicated. It's highly recommended that you speak to a professional agent who can help you get the coverage you need and fully understand your options.
The quotes for flood insurance coverage vary greatly from one area of Delaware to the next, and depend on a variety of factors including flood risk and the value of the home being insured. Flood insurance can be as low as $130 per year, for a renewable one-year policy.
It is essential to speak with a qualified agent who can find you a variety of quotes so you can compare coverage options and price.
Flood waters can come unexpectedly and quickly. The last thing you want to worry about while getting your family to safety is whether or not your insurance will cover the damage. Knowledgeable, independent insurance agents on the Trusted Choice® network are always here to help answer any questions you may have about flood insurance, suggest coverage options, and even help you file a claim. Their years of experience working with Delaware insurance companies and the NFIP enables them to find a variety of quotes from a number of providers.
Contact an agent in your area today to find out how you can acquire the protection of flood insurance.