5 Steps To Buying A Flood Policy

  • Contact your insurance agent
  • Provide some basic details on your property
  • Determine your coverage needs
  • Receive a quote for your premium
  • Pay the premium to purchase the flood policy

Information Needed For A Flood Quote

  • Property Address
  • Property Type
    • 1-4 family
    • Mobile home
    • Unit
    • Residential w/5 or more units
    • Non-residential
  • Validation of property details
    • Square footage
    • Date of Construction
    • Occupancy Type
    • Number of Floors
    • Foundation Type
    • Usage

What else do I need to know?

What else do I need to know?

You can purchase the government-backed National Flood Insurance Program (NFIP) coverage from insurance companies that have agreed to sell NFIP policies on behalf of FEMA. The premium is standardized across all insurance companies and is set by FEMA and provided from their rating engine, Pivot.

What payment options are there?

What payment options are there?

If this is the first time you are purchasing a flood insurance policy, the premium must first be paid in full for submission to the insurance company with the application to request for coverage. The NFIP doesn’t currently offer payment plans.

However, if you live in a high-risk flood area, your mortgage lender may require that your flood insurance premiums be included as part of your escrow account, which would result in a monthly payment amount to your mortgage lender.

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 Do I Renew A Flood Insurance Policy?

Flood insurance does not renew automatically, so it is very important to pay on time when your insurance company notifies you of the expiration of your insurance. If you’ve received a flood insurance renewal bill from one of the companies listed here, you can pay online at Insured.MyFlood.com.

If premium payment is received 30 days or more after the expiration date the policy cannot be renewed, a new application is required to reinstate coverage. Allowing your policy to lapse can have serious ramifications that may affect policy rating, including continued eligibility for certain discounts.