Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Anywhere it rains, it can flood. Since standard homeowners insurance doesn’t cover flooding, it’s important to have protection from floods associated with hurricanes, tropical storms, heavy rains, and other conditions that impact your property.
In 1968, Congress created the National Flood Insurance Program (NFIP) to help provide a means for property owners to financially protect themselves. The NFIP offers flood insurance and is administered by the Federal Emergency Management Agency (FEMA), which works closely with private insurance companies to offer flood insurance to property owners and renters.
Through the NFIP, a federal program, flood insurance can be purchased through property and casualty insurance agencies such as HVFCU’s Insurance Agency. Rates are set and do not differ from company to company or agent to agent. These rates do depend on many factors, including the date and type of construction of your home, along with your buildings level of risk.
Typically there is a 30-day waiting period from the date of purchase of a flood policy, and the effective date of the policy.