Every homeowner’s worst nightmare? Flooding. (Okay — fires, break-ins, etc. are pretty high on the list, too; but that’s for another day.)
Sure, you can limit your risk by prepping your home for incoming storms or piping issues, but — ultimately — house flooding can happen to anyone, especially those in coastal regions or near water.
So, whether you’re from Delaware, California, or somewhere in between, it’s important that you know how to get flood insurance. By investing in a quality plan today, you’re equipping your future house and home finances for long-term success. And no matter if your home floods or not, you can sleep at night knowing your house is fully protected in the case of an emergency.
Keep reading to better understand how to get flood insurance for your home!
Step #1: Understand What It’s Not
To some, this may seem obvious. But for many, though, it’s worth noting that the sort of flood insurance needed for more drastic home emergencies is not typically covered within a typical home insurance plan.
When starting on your journey towards increased financial protection against serious flooding, it’s important to realize that your current home insurance plan most likely does not offer the protection you’re looking for. So, be sure to revisit your current plan, comb through the details, uncover what’s insured and included — and what’s not.
Then, begin your search for the best flood-specific insurance provider for your situation.
Step #2: Choose a Provider (Government)
The second step in securing flood insurance for your home? Choose a provider. But before you make any decisions, it’s important to learn about the various insurance providers currently available today and in your area.
Let’s start by exploring the two main types of flood insurance providers: federal (government) and private. To get flood insurance from the government, you typically need to work with an insurer that participates in the National Flood Insurance Program (NFIP).
The National Flood Insurance Program is a government initiative that works in tandem with the Federal Emergency Management Agency (FEMA) to provide flood insurance to homeowners across the country. Most often, this protection caps around the $250,000 mark. The benefit? As this insurance plan is provided by the government, it is available to everyone for purchase.
Step #3: Choose a Provider (Private)
In certain individual cases, though, a homeowner may wish to have claim limits beyond $250,000. When this is the case, it is often best to seek out private flood insurance providers for additional and increased coverage.
If this is you, don’t be afraid to explore your options and consider local providers in your area. To help your search, we recommend referencing the chart and info from Betterflood.com to uncover if your potential provider is an NFIP provider or a private provider.
Didn’t Know How to Get Flood Insurance? Now You Do!
It’s important to know how to get flood insurance when you live near the water or want to stay financially protected against home water damage. But it’s not always the easiest process to understand. So, be sure to follow the three easy steps above to streamline and simplify your flood insurance selection and decision process.
And, as always, be sure to visit our site and check back daily for all the latest in financial and home planning expertise and trends!