Answers to Frequently Asked Questions About Flood Insurance

The Federal Emergency Management Agency, commonly referred to as FEMA, has named floods the most common and most costly natural disaster that the United States faces each year. In 2015, floods cost the United States $8.2 billion. As dangerous and devastating as flooding is to the United States, the vast majority of homeowners insurance and renters insurance policies do not cover damage caused by flooding. Here are a few answers to frequently asked questions about flood insurance:

Does the President have to declare a disaster to have flood damage covered by my flood insurance policy? Nope! Insurance companies do not need a Presidential Disaster Declaration to cover flood damage.

How do I get coverage for flood damage if it is not covered by homeowners insurance? Generally, people in flood zones will need to obtain flood insurance that is separate from their homeowners insurance. Unfortunately, flood insurance is often very expensive for people living in FEMA designated risk areas. However, a Congressional mandate was implemented that makes mortgage lenders require high-risk flood zones to have flood insurance.

What is the waiting period for flood insurance to go into effect?  Often, there is a 30-day lag from the time flood insurance is purchased until the day it becomes effective.

If you have questions about flood insurance, contact our firm today.

he Law Office of Craig A. Blumberg is an experienced New York City insurance law firm. If you require quality assistance after having suffered property loss, please contact our firm to schedule a free initial consultation.