The state of Wyoming is no stranger to floods. In fact, flooding is one of the most common natural disasters in the state. From flash floods to ice jams, Wyoming has faced its share of dangerous water levels.
For residents in Wyoming, flood insurance is one of the most important ways to have peace of mind when it comes to floods. Many people believe that their regular policies, such as homeowners insurance or comprehensive insurance, will cover flood damage. However, this is patently untrue. Getting a flood insurance policy, overseen by the National Flood Insurance Program (NFIP), is the only way to get your assets protected in case of a flood.
Floods can happen at any time, with little to no warning. With flood insurance in place, you can focus what really matters -- getting out of the flood zone.
In the 1960's, flood-damaged communities started a public outcry for assistance. With such a large number of people needing help, the government was overwhelmed. In 1968, congress met this need by creating the National Flood Insurance Program.
The National Flood Insurance Program (NFIP) is a type of insurance that is sold by most insurance companies, but is overseen by the Federal Emergency Management Agency (FEMA). The NFIP encourages communities to adopt flood-abatement programs, and in turn, offers flood insurance to the residents of that community.
While many believe that flood insurance isn't required, if you live in a moderate to high-risk flood zone, your lender may require you to have flood insurance in place.
Flood insurance is a set of policies put together to provide you with coverage in case of a flood. A typical flood insurance policy in WY may contain the following:
One important thing to note, however, is that flood insurance does not typically cover any below-ground floors, such as finished basements.
Residential flood insurance provides as much as $250,000 of coverage for dwellings for one to four families, and as much as $100,000 for contents.
If you own a business, commercial property owners can get up to $500,000 of insurance for the building and the same amount for contents. Condominiums, apartments, and rentals can also be insured.
Be forewarned, however, that flood insurance typically has a waiting period. The NFIP sets a standard 30-day waiting period before flood coverage goes into effect. When dealing with lender-required flood insurance, if more insurance is required because of flood map revisions, or if existing coverage is being increased upon renewal, this 30-day waiting period may be waived.
When it comes to getting quotes for flood insurance, it's important to know some general information about your home. There's no strict price in the state of Wyoming, as each zoned area in the state will have different flood insurance costs. As you are shopping online for flood insurance, make sure to be aware of the following:
All of these factors, plus many more, will be used to give you a flood insurance quote that will offer you enough coverage for your home and belongings.
Flood insurance can be confusing. Having a professional by your side to guide you to the right coverage is crucial. A Trusted Choice® agent is always available to help you discuss coverages, explain confusing wording, find discounts, or even help you file a claim.