Last week we spread the word about the importance of insuring your home against flood disasters. We’ve discussed the benefits and the myths regarding this part of your insurance portfolio. Now let’s discuss how you purchase this coverage. For homes located in Pennsylvania and New Jersey, you can contact our office by clicking here. One of our Account Managers will work with you to provide you the best possible protection at an affordable price.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Your cost will vary depending on how much insurance is purchased, what it covers, and the property’s flood risk. All policy forms provide coverage for building and contents. You may want to discuss insuring personal property since this coverage is optional. There is a 30-day waiting period, so the best time to purchase flood insurance is now!

How are my rates determined?

Flood insurance premiums are calculated based on factors such as:

• Year of building construction
• Building occupancy
• Number of floors
• The location of its contents
• Its flood risk (i.e. its flood zone)
• The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
• The deductible you choose and the amount of building and contents coverage

Your property may be eligible for a Preferred Risk Policy. Coverage is inexpense if the property is located Zones B, C, or X. Don’t delay, when you’r ready to learn more or buy flood insurance, talk to us today. Together, we can discuss how best to meet your insurance needs for your home or business. For more information, check out the official site of the NFIP FloodSmart.gov and rate your risk of a flood.