Flood Insurance

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Most homeowners think that they should only get flood insurance if they live next to a body of water or when flood insurance is required by a lender for a home purchase. However, everyone should consider purchasing a flood insurance policy. Generally speaking, as soon as water hits the ground, it becomes a flood damage claim. For example, if we have a torrential downpour in Connecticut and water accumulates in the ground, then leaks into the basement, it will not be considered a water damage claim, but a flood damage claim. Furthermore, a mudslide caused by rain can also be considered a flood insurance loss.

How much does flood insurance cost? Well, that depends on FEMA and the National Flood Insurance Program often referred to as the NFIP. FEMA oversees regulating flood zone mapping and the costs associated for each zone. For example, if a property is located in an “X” flood zone, this means the property is the most minimal risk for flooding, so the flood insurance cost will be the least. However, if the property is located in the “V” or “A” flood zones, this means the property is at high-risk for flooding and the flood insurance will cost the most.

There are a lot more moving parts to flood insurance policies than just what zone you are in. There are also elevation considerations, whether or not the replacement cost of the property is over $250,000, and much more. I wouldn’t worry though because we here at Trager Reznitsky Insurance also speak flood insurance, so if there is ever a question or you need additional information, please don’t hesitate to contact us at 203.235.1025.