According to FEMA, 90% of natural disasters in the United States – from Inlet Beach, FL to Seattle -involve flooding. These flooding events occur across most terrains, with about 20% of flooding insurance claims sourced from areas defined as low/moderately low flood risk.
However, ensuring a property against flood damage differs from other coverage, which is why it is prudent to speak with the insurance professionals at Dune Lakes Insurance regarding flood insurance coverage for your property in and around Inlet Beach, FL.
5 Facts About Flood Insurance
- Flood insurance is a part of most homeowner’s insurance policies; however, flood coverage is available through Dune Lakes Insurance. Most flood insurance is underwritten by the NFIP – the National Flood Insurance Program.
- A homeowner’s mortgage lender may require flood insurance coverage if the mortgaged property falls within a defined FEMA flood map/zone. The owner of a property held ‘free and clear’ will need to decide if they want to purchase flood insurance, as there would be no lender to mandate its purchase.
- When purchased, flood insurance coverage has a standardized waiting period of 30 days before the coverage begins. As such, homeowners should NOT wait to buy this coverage at the last minute.
- FEMA defines different flood zones based on the expected and calculated risk of a flood in that area. Each flood zone will have certain flood insurance costs associated with its risk level, with the riskiest flood zones generally having higher insurance rates.
- Flood coverage is important for both coastal and inland areas.
Homeowners should remember that FEMA updates its flood maps periodically so that a property may change flood zones during a routinized update. Dune Lakes Insurance professionals can help you determine if flood insurance is the right fit for your situation.
