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Insurance Blog

The ABCs of Flood Insurance

Floods are always a constant flesh in the thorn of residents living in New Jersey and other parts of America. In fact, floods account for about 90 percent of all disasters in America! When floods strike, property damage is always on the card. And because your typical home insurance doesn’t cover flood damage, you need a stand-alone flood insurance coverage to protect your dwelling from floods. 

If you have been thinking about flood insurance, here is a guide from O’Donnell Agency LLC to help you understand this coverage in detail.

Is flood insurance mandatory?

New Jersey doesn’t require you to carry flood insurance. However, if you reside in a location considered flood-risk, your mortgage lender will insist you purchase flood insurance alongside home insurance. But whether flood insurance is mandatory or not, every homeowner should consider this investment since all homes are at risk of flood damage.

How do I get flood insurance?

Most of the flood insurance plans are administered through the National Flood Insurance Program (NFIP). However, you can purchase flood insurance from private carriers. 

What does flood insurance cover?

The flood insurance coverage from NFIP covers your building up to $250,000 and contents up to a limit of $100,000. However, you can increase this limit at an additional premium. The dwelling coverage protects the foundation, floors, electrical and plumbing system, and other fixtures of your building. The contents coverage protects your cabinets, appliances, electronics, furniture, and other assets.

Does flood insurance take effect immediately?

Not at all. Flood insurance takes effect after a 30-day waiting period. With this in mind, you need to plan ahead if you want coverage against a looming storm. 

Buy flood insurance today!

Given that your home insurance doesn’t protect your New Jersey home against flood damage, buy flood insurance from O’Donnell Agency LLC to avoid a bad experience when the unexpected strike. Contact us today for a competitive quote. 

Who should buy flood insurance

In the United States floods are the most common natural disaster. Billions of dollars of damage are done every year. Flooding often accompanies other kinds of natural disasters such as tornados and hurricanes. Changing weather patterns has lead to increases in the number and severity of floods. Places that would never have had flooding are finding that they are no longer safe. O’Donnell Agency LLC in  New Jersey has been in business since 1888 and you can count on us to provide personalized service to all of our customers. 

The simple answer to who should buy flood insurance is just about everyone. No place is safe from the potential of a flood. Even one inch of water in your home can cause more than $20,000 n damage and that is a lot of money to come up with on your own. Even if you live outside of the high-risk flood area, about 40% of claims through NFIP were from homes in lower-risk areas. Participating in this program provides peace of mind that no matter what you will be able to rebuild. 

Flood insurance is sold by 60 national carriers. It is offered by the Federal Emergency Management Agency and managed by the National Flood Insurance Program. . You can choose any of the carriers and they will all charge the same amount for the policy so pick the one who you know provides good service. To purchase this insurance, however, you have to live in one of the 23,000 communities that participate in the National Flood Insurance Program. The insurance comes as two options, building and contents and you can buy one or both. 

When you are ready to discuss flood insurance, O’Donnell Agency LLC in New Jersey has an experienced team who can answer any questions that you have and provide a no-obligation quote. We look forward to hearing from you. 

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