Selling Flood Insurance
Find a number of tools and tips to selling NFIP flood insurance policies in this informational video series. Click the tabs to play each episode.
What is Involved?
You can start the buying process online in our quote section. You will just need to answer a few questions to get your risk score and premium. Then, you can pick a provider to purchase your flood insurance policy. As simple as that
If you live in a community that does not participate in the NFIP, it is also possible to purchase private flood insurance. Moreover, if you want to get a coverage level higher than the one offered by the NFIP, you can supplement the NFIP policy with a private policy. Find out more in a chat with a specialized agent
Are There Additional Expenses Or Agency Fees?
The agency cannot charge fees for an NFIP flood insurance policy. The total annual premium should not be different from one company or agency to another. For private flood insurance, the agency or the state may charge additional fees.
Why Do I Need Flood Insurance?
According to FEMA, floods are the most common natural disasters in the US – in the past five years, all 50 states have experienced floods. Despite this, many Americans are not adequately informed about the benefits of having flood insurance & the heavy financial ruin that can come with floods:
On average, floods cause around $6 billion in property damage: just an inch of water can cause up to $25,000 in damages in most homes or apartments. A flood does not have to be catastrophic to result in high out-of-pocket costs: 20% of claims occur in moderate to low-risk areas.
Is Flood Insurance Mandatory?
It depends. Some homes are in mandatory flood zones. However, all properties are at risk – more than 20% of claims come from properties outside of the mandatory zone. Even if you live outside of the mandatory areas, the Federal Government has a low-cost option that subsidizes your policy and can potentially start as low as $15 per month. You can check whether you are in a mandatory flood zone on our risk tool.
What Else Do I Need to Know?
- Homeowners and renters insurance does not typically cover flood damage
- During a 30-year mortgage, you are 27 times more likely to experience a flood than a fire
- Most properties are eligible for a lower-cost Preferred Risk Policy
How do I buy?
You can purchase the government-backed National Flood Insurance Program (NFIP) coverage from some specific private insurance companies that have agreed to sell them on behalf of the government.
What is Involved?
You can start the buying process online in our quote section. You will just need to answer a few questions to get your risk score and premium. Then, you can pick a provider to purchase your flood insurance policy. As simple as that.
How Long Will Flood Insurance Take to be Effective?
Normally, a standard 30-day waiting period applies when purchasing a Flood Insurance policy. There are some cases when a waiting period does not apply – talk to your agent to know more.
How Much Does It Cost?
Flood protection with the government-run National Flood Insurance Program (NFIP) starts as low as $15/month. Currently, there are around 60 insurance companies that sell the NFIP flood product. The price is standardized across all insurance companies and is set by the Government.
What Factors Will Affect Your Premium?
The price you will pay for flood insurance will depend mainly on the following factors:
- Flood risk zone where your building is located
- Occupancy Type (one family house, two family house, three-four family house, single-family condo unit) Use (residential vs. commercial)
- Residence (primary residence vs. secondary home)
- Foundations (slab on grade, basement, crawlspace, elevated, etc.)
Find out your estimated flood insurance premium in 30 seconds with our quote tool.