Article
Three Things You Need to Know About Flood Insurance.
June 4, 2015
It’s common knowledge that flood insurance isn’t covered on a homeowner’s policy. Most people understand it’s a separate coverage that homeowners, especially in Florida, should have to cover their assets in the event of a flood. But, there are a lot of things people don’t know about flood insurance. Here are three of the most important:
- Federal disaster relief is only a loan. When the president declares a disaster, you may be eligible for assistance. However, this assistance is merely loan you’ll have to pay back with interest.
- All flood insurance is regulated by the Federal Emergency Management Agency, better known as FEMA, but you purchase it through your insurance agent.
- There is a 30-day wait period after purchasing a policy for it to go into effect. If you purchase flood insurance as your foyer is filling with water, that flood will not be covered.
What you don’t know about flood insurance can hurt you. If you’re a homeowner, or even just renting a place on a flood plane, it will be worth your while to talk to your insurance agent to see what the rates are in your area.
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