Flood Insurance Questions and Answers
Q:
Can I wait for a flood warning to buy
a flood policy?
A: Putting
off something this important is never a good idea. Especially
since there’s a 30-day waiting period on most new flood
policies.
However, there’s usually no waiting period for flood insurance
when it’s purchased in connection with making, increasing,
renewing, or extending a loan. (back)
Q:
What flood zone am I in?
A:
Below are three major categories of flood zones. However, A &
V zones have several subcategories. To get the specifics on what
flood zone you live in, contact us today.
A zones are typically located near a river, lake or stream - making
them the second highest risk zone. In this zone the average premium
is around $595 annually.
V zones are usually located near the ocean. They are particularly
vulnerable to storm surges. V Zones represent the areas at highest
risk, and premiums in this zone are the most expensive. V zone
average premium is around $1,000 annually.
B, C, X, and A99 zones are less prone to flooding. Depending on
your area, you may qualify for a Preferred Risk Policy and pay
as little as $106 per year. Nearly 25% of all flood claims come
from these “low-risk” zones. (back)
