NorthPointe Insurance Blog
Is your Home covered in a Flood?
With spring just around the corner this is a question that many home owners in the Red River valley are asking. Homeowners insurance does not cover flooding and flood insurance must be purchased separately.
But first lets define what constitutes a flood. The National Flood Insurance Program has information about Flood Insurance HERE.
Here in the valley we associate flooding with the spring thaw and the river, however flooding can come from any overland flow of water as well. A heavy rain in the fall is just as likely to cause flooding as the snow thaw in the spring.
So who needs flood insurance? The short answer is “everyone”. Just because you are not close to the river does not mean you are not at risk of a flood. Remember, a flood is any water that enters a home from an overland flow.
Now lets look at those that are in a flood zone vs those that are not:
First there are people that have homes built in the “flood zone”. These are homes built in an area that is mapped out by the Army Corp of Engineers and considered to be especially at risk of flooding. If there is a government backed loan on a home they are required to purchase flood insurance. The cost of these policies are based on the area of flooding and can be quite expensive.
Second, there are people that are not in a flood zone but still want to be protected. These policies are actually quite inexpensive. The thing to remember about purchasing flood insurance is that you cannot wait until a flood is is imminent. (i.e. The river is rising and about to flood). There is a 30-day waiting period between when the policy is purchased and when the policy goes into effect.
If you would like to learn more about flood insurance give us a call and we would be happy to help.
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