Getting flood insurance can seem like a big thing, especially because the process seems to come with so many questions attached. The truth is, though, there isn’t as much to worry about. If you are worried, you probably have some of these common questions in mind. Well, here are the answers:
- QUESTION: I live outside of a local floodplain. Does that mean I do not need to buy flood insurance?
ANSWER: Don’t make this mistake. Being outside a floodplain doesn’t mean you shouldn’t buy flood insurance if you are in an area that sometimes gets flooding. Floods can occur anywhere. According to federal statistics, over 25 percent of the flood insurance claims that come into the National Flood Insurance Program (NFIP) are for properties that are outside of floodplains. Another consideration is whether or not you are near levees or dams. If a levee or dam breaks, homes well outside of flood plains can be victims of flooding. Even if your flood risk is moderate, and even if you have had NJ house lifting services performed on your property, flood insurance is important. The cost is minimal in that case, too – only about $80 per year.
- QUESTION: My house has been flooded before. Can I still buy flood insurance?
ANSWER: Yes, you can! It doesn’t matter whether or not your home has been flooded before, if your township is a participant in the NFIP, you can still buy flood insurance. In others words, there is no excuse to delay.
- QUESTION: Is it really a big deal if my friends and neighbors on and near the water don’t buy flood insurance? It doesn’t really affect me, right?
ANSWER: The fact of the matter is, it DOES affect you and those around you, even if you have had house lifting Nj. The fewer people who are in programs for federal and state disaster relief programs, the more money it costs for those who are in the programs. Getting flood insurance means not only security for you, it also means the cost of relief is lesser for all involved. The more people who have flood insurance, the better for everyone.
- QUESTION: Is the only place to get flood insurance through the federal government?
ANSWER: This is a common misconception. The fact is, you can purchase flood insurance protection through most major private insurance companies. You can also get it through licensed property insurance agents who happen to sell home owners’ or property insurance. It’s all administered through the federal government, but you can still buy it through multiple sources. Just remember, there is a 30-day waiting period!
- QUESTION: Does the National Flood Insurance Program (NFIP) offer so-called “basement coverage”?
ANSWER: In fact, yes, it does! According to the NFIP, a basement is any area of your home – and any building, in fact – that has a floor that is “subgrade below ground level on all sides.” This sort of coverage can include both cleanup as well as coverage for items intended to service the structure. Among the “items” include utility connections, furniture, water heaters, elevators, air conditioners, freezers, circuit breaker boxes, pumps, and solar energy tanks. However, keep in mind even if you have had NJ house lifting service, your federal flood insurance is not going to cover the contents of your finished basement, including walls, floors and ceilings.
Easier than you thought, right?