Do I Need Flood Insurance in Morris / Ottawa?

11/1/2017 (Permalink)

Homeowners are often surprised, rather unpleasantly, to find out that they do not have flood insurance. In fact, over 75% of homeowner’s find out too late that they should have gotten flood insurance, but didn’t.

Your realtor is supposed to make sure you, the home buyer, is made aware if your newly purchased home is in a flood zone. If your realtor did not inform you either way, call him or her up and ask! You can also check to see if your house is in a flood zone by creating a free account on FreeFlood.net and search for your property there.

If you find out that your property is located in or near a flood zone, you can also check out FloodSmart.gov, where you can get a ballpark estimate on how much flood insurance will cost you.

The most common flood insurance available is offered through a federally regulated program known as the National Flood Insurance Program (NFIP). The National Flood Insurance Program (NFIP), managed by FEMA, offers flood insurance to homeowners in communities that participate in the program.

NIFP has two policies: One that covers your actual home (building property), and one that covers your personal property. Premiums vary depending on your property's flood risk. You’ll have to get your flood insurance through an insurance agent; you cannot buy it directly from the National Flood Insurance Program (NFIP). FloodSmart.gov can also help you find an agent if need be.