Flood Insurance Facts and Tips

Frequently, homes and businesses in high-risk flood areas are required to have home flood insurance or business flood insurance coverage in place. While typically not required in moderate-to-low risk areas, flood insurance is something still strongly recommended that can often be obtained very affordably.

As with any other type of insurance, it's important to know what your flood policy coverage does and doesn't cover. As an overview, the NFIP provides both building and contents coverage.

Deductibles apply separately to buildings and contents, and there are several different options to choose from. Similar to homeowners and business insurance policies, a higher deductible will lower the premium you pay, but may also reduce the amount of money you may receive if you place a flood claim.

Contact your local flood agent to discuss all flood deductible options.

The NFIP sets flood insurance premiums, and they do not differ from flood carrier to carrier. These flood insurance rates depend on several factors, including the date and type of construction of your property, along with the flood zone where your property is located. While flood insurance rates will be the same from every carrier, the level of service you receive from each may differ. That’s why Selective focuses on providing a best-in-class customer experience.

Typically, there's a 30-day waiting period after a flood insurance policy is purchased before it becomes effective. Knowing that floods are one of the top natural disasters in the U.S., we encourage you to review your flood insurance options with a Selective agent today.