Flood Insurance is available in Polk County through the National Flood Insurance Program and can help you recover from a disaster.
Flood insurance protects you from the financial devastation caused by floods. Even a few inches of water can bring thousands of dollars in repair and restoration costs. Most homeowners insurance does not cover floods.
Flood insurance is single peril insurance, sold separately from homeowners insurance. Flood insurance protects against losses to buildings and their contents, not the land surrounding them.
The coverage applies whether the flooding results from heavy or prolonged rains, coastal storm surge, blocked storm drainage systems, or other causes. To be considered a flood, the waters must cover at least two acres or affect at least two properties.
Flood insurance is available both within and outside of floodplains. Your property's flood risk is shown on flood hazard maps. Different types of policies are available depending on your flood risk.
If you live in a high-risk area, you will need a Standard Policy. Most mortgage lenders will require that you have such a policy before they will approve your loan.
Outside of high-risk areas, flood insurance is also available, usually at lower cost. A Preferred Risk Policy covers both a home and its contents, with premiums as low as $119 per year. While you aren't federally required to have flood insurance in a low-to-moderate risk area that does not mean that you won't ever need it. Large floods often extend beyond the boundaries of high-risk areas and smaller floods occur outside high-risk areas as well. In fact, a quarter of all flood insurance claims come from low-to-moderate risk areas.
There is usually a 30-day waiting period, after applying and paying the premium, before the flood insurance policy becomes effective.
However there is no waiting period when flood insurance is required by a lender for any purpose. Lenders may require flood insurance for a new loan, when a loan amount is increased or extended, or after a mortgage portfolio review shows that the building is in a high-risk area.
There is a one-day waiting period for a new policy or when additional amounts of coverage are required by the lender during the 13-month period following map revisions. This applies when the map revision changes the structure's designation from a non-high-risk area to a high-risk area.
Cost and Coverage
Flood insurance is sold and serviced by private insurers, and backed by the federal government. More then 85 companies sell flood insurance. Often the same insurance agent who wrote your homeowners insurance policy can help you obtain flood insurance.
Flood insurance costs the same wherever you purchase it, because the rates are set by the National Flood Insurance Program.
Flood insurance covers both homes and businesses. With residential coverage you can get up to $250,000 of insurance to protect your home and up to $100,000 to protect its contents. If you are located in (or moving into) a high-risk area, federally regulated or insured lenders will require you to have flood insurance for the amount remaining on your mortgage, or $250,000, whichever is lower. With commercial coverage, you can get up to $500,000 of insurance to protect your building and up to $500,000 to protect its contents.
Be flood smart. Find out about your property and contact an insurance agent by visiting FEMA National Flood Insurance Program.