Did you know that homeowners insurance policies do not cover flood? You might think that your property will never flood, but, as they say, never say never. You can use a tool called Flood Factor to assess your property’s risk of flooding both now and in the future and see if your property has flooded in the past. Flood Factor also provides educational information to help you understand environmental factors that are changing flood risk.
Flood Factor was created by First Street Foundation, whose missions is “to quantify and communicate America’s flood risk so anyone can find and understand their flood risk and make informed decisions for the future. By making flood risk data freely available for all, individuals and communities can prepare for and mitigate risks before they become a reality.”
To assess your property’s flood risk, visit the Flood Factor website and enter your property address. The risk calculator will return a Flood Factor rating and FEMA flood zone for the property. It will also give you the likelihood of flood over the next 30 years.
Whether your property’s risk of flood is high or low, we recommend you consider purchasing flood insurance. The lower the flood risk, the lower the premium. Most flood insurance is written through FEMA’s National Flood Insurance Program (NFIP) with rates set by the federal government. The maximum amount of flood coverage for dwellings is $250,000 through FEMA. For increased coverage, excess flood insurance is available through private markets. Primary flood insurance through private markets is also available.
Give us a call or send us an email if you have questions about flood insurance or would like a quote!