Rhode Island Flood insurance is not something that everyone thinks is necessary. But when a freak storm shows up out of nowhere and an area is flooded, having flood insurance can be a real financial lifesaver. Here are some things you may not know about flood insurance:
- Any area where it rains, can flood. There is always a risk of flood no matter where you live. Some people live in areas that tend to flood more regularly.
- You do not need to live in a Federal Emergency Management Agency (FEMA) regulated flood plain to purchase flood insurance.
- About 25% of flood claims come from areas that are outside of the high risk areas.
- Flood insurance can be bought to cover your home itself or its contents but a separate flood insurance policy is needed. Flood insurance is excluded from homeowners insurance.
- Deductibles apply to the contents.
- Flood insurance policies will help pay for mandated compliance renovations to your home if it is flooded. For example: your first floor is flooded. You live in a floodplain. When fixing the area after the flood, you find out there is a new regulation that all homes in the floodplain area need to be raised at least 2 feet. Your flood policy will help pay up to $30,000 for that renovation.
- A flood is defined in the National Flood Insurance Program (NFIP) by FEMA as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land.
Having a flood insurance policy in place can help get you back on your feet much more quickly after a flood. Would you like to find out more about where your home sits on the NFIP flood zone map? You do not have to live in Narragansett or Newport RI to need flood insurance. There are many high hazard flood planes in Northern Rhode Island including in Lincoln and Cumberland. Give our agency a call at 401-723-8510. You may find that having a good flood insurance policy is exactly what you need to protect you from the next big storm this spring or in the future.
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