money What is Flood Insurance?
Instant Flood Insurance Quote
When looking at your homeowners insurance policy, you will likely notice that flooding is not covered. That means if you experience flooding in your home, you will have to pay for damages and repairs yourself. That is unless you buy flood insurance.
Even if you do not live in a flood zone, you will likely worry about water getting into your house at some point. The Insurance Information Institute (III) reports that 90 percent of all-natural disasters in the United States involve flooding.
Fortunately, the Federal Emergency Management Agency (FEMA) offers flood protection through the National Flood Insurance Program (NFIP). You can also buy policies from a wide array of insurance companies, including us, giving you plenty of options and pricing.
However, not all insurance companies or insurance agencies offer an instant flood insurance quote, but a few do. We, Young Alfred, can give you an instant flood quote — get your instant flood insurance quote here. We compare quotes from 40+ insurers and the NFIP, present your best options, and you decide. For peace of mind, you should be looking into policy options.
Thankfully, we are here to help. Here is what you should know about getting an instant flood insurance quote.
Who Sells Flood Insurance?
There are two primary options when looking for a flood insurance agency.
NFIP Flood Insurance. You can check out the complete list of companies that partner with the NFIP that provide FEMA flood insurance from the U.S. government. Currently, there are 60 different companies involved in the program, including Young Alfred.
Flood Insurance from an Insurance Company. You can purchase private flood insurance from an insurance company. In recent years, third-party flood coverage has grown significantly, thanks to technological improvements in prediction and modeling. Simply put, more companies see the value in offering flood protection, so more of them are getting into the market.
The influx of private flood insurance is a welcome change to consumers’ buying plans from the federal government. Especially because FEMA and the NFIP are not always quick about settling and paying flood claims, leaving homeowners in a bad situation.
Cheap Flood Insurance Instant Quote
While we assume that you are not trying to purchase flood insurance while standing in knee-deep water in your living room, you may still want to get instant quote results. Here are some tips on how to find cheap flood insurance fast:
Use a Comparison Site. Comparison sites like FloodSimple are lead generation sites. That means they put up a website, get your information in their quote system, and sell that data to insurance agencies and insurance companies.They may send you a quote, but it is not a reliable quote. They are not insurance companies or licensed insurance agencies. You cannot buy the policy on their site or from them.Typically, because they only sell the data to as many agents as possible, you will get bombarded with calls from carriers and agents who want to sell you a flood policy. Look for an “About” section on the site; if they say they are a licensed agency, it is safe. You can also search for their insurance license numbers on their site. If they have none, they are not a legit agency.
Use a Licensed Online Insurance Agency. Websites like Young Alfred provide instant quotes and compare prices and coverage from many different insurance companies. Then you choose the best one — it is quick and efficient. You will also get immediate assistance to help you make the right choice for your needs. A licensed insurance agent will guide you through the process on the phone or via email, your choice.
Check the NFIP Vendor List. The National Flood Insurance Program lists approved NFIP flood insurance affiliates on their website. However, you will have to request quotes directly from each agency, which takes more time and can be a hassle (who wants to end up on a dozen insurer call lists?). The other limitation is most do not offer private insurance options; you will only see NFIP quotes.
Private Flood Insurance Quote
As more and more private flood insurance companies get into the industry, you have more choices today than you did five years ago. Many big, national companies are starting to offer flood protection, meaning that you can potentially bundle your coverage with a standard home insurance policy.
Fortunately, you can still use a comparison quote like one from Young Alfred to get a private flood insurance quote. Even better, we can help you compare rates and coverage options between NFIP providers and private insurers, giving you more choices and flexibility. When talking with a provider, be sure to ask about rate lock options. Rate locking means that your premiums will not go up, which can save you a lot of money in the long term.
What Does My Flood Insurance Quote Cover?
As with a standard homeowners insurance policy, flood insurance protects both your home and its contents. When talking about structural damage, the policy covers essential systems like electrical outlets, plumbing, furnaces, household appliances, carpeting, and anything else permanently installed inside the house (i.e., cabinets).
When discussing contents coverage, flood insurance pays for all your personal property, including clothes, furniture, electronics, area rugs, and even expensive items like furs or artwork. However, there are coverage limits for high-end belongings, which typically max out at $2,500. If that isn’t enough, you will want to get a floater insurance policy (no pun intended) to cover the difference.
What Does My Flood Insurance Quote Not Cover?
Overall, flood insurance plans do not cover flooding that is not caused by weather events, such as heavy rain or hurricanes. For example, if your sewer backs up because of hurricane flooding, the policy pays. If the backup happens outside a natural disaster, you are on your own. Other exclusions on flood insurance include:
Cost of Living Expense. Realistically, you will have to move out of the house until you fix the water damage. Flood insurance does not pay for expenses like hotels and travel accommodations.
Detached Structures (Except a Garage). Other structures on your property, like a pool house or gazebo, are not protected.
Cars or Other Vehicles. Flood insurance only covers belongings inside the home, so cars and other vehicles are outside the policy’s jurisdiction.
Business Losses. While companies can get flood insurance, the policy does not reimburse any business interruptions or losses caused by the flood.
Money or Currency. If you have stacks of Benjamins under your mattress that get water-logged, you will not get reimbursed.
Basement Belongings. Before a flood hits, be sure to take everything out of the basement (if you have one). Flood insurance does not cover personal property stored in these areas.
Average Price for Flood Insurance
The cost of your flood policy depends on where you live. FEMA uses a flood insurance rate map to determine premiums for both homeowners and renters insurance. If your house and property are in a high-risk flood area, you will pay much more than those living outside of it. Private insurance companies may also use the FEMA map or draft one based on their risk modeling algorithms.
That said, the average cost of flood insurance is around $400 annually for moderate to low-risk regions, while those in higher-risk areas pay at least $700 or more per year.
Flood Insurance Wait Periods
Whether you work with an independent agent or an NFIP member, there is a waiting period of 30 days for flood insurance. So, if a storm is in the forecast and you do not have coverage already, you might want to invest in some sandbags, a water pump, and other flood barriers.
