Moreover, most property owners who have received federal rebuilding assistance while recovering from Sandy or other major disaster events likely are now subject to a federal requirement to obtain and maintain flood insurance on the damaged property for some period of time. Generally speaking, structures that are elevated at or above the base flood elevation typically receive lower insurance premiums. Flood insurance premiums are based on a number of different factors including the type and amount of coverage being purchased, the flood zone, the design and age of the structure, and the elevation of the building in relation to the base flood elevation. Base flood elevations are the regulatory standards set by FEMA for elevating substantially damaged structures and newly constructed buildings.īuildings located in high risk flood areas identified in the FIRMs (i.e., A zone and V zone) with mortgages from federally regulated or insured lenders are required to maintain flood insurance. The FIRMs identify flood zones and base flood elevations, and are used by FEMA to determine flood insurance premiums. The Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) is in the process of finalizing new Flood Insurance Rate Maps (FIRMs) for New Jersey counties. Feel free to call our office at 73 to speak to one of our insurance professionals or you can email your questions and an agent will reply promptly.Home > Consumer Information > Insurance Topics > Homeowner > FEMA NFIP Information on Grandfathering Insurance RatesįEMA NFIP Information on Grandfathering Insurance Rates With over 35 years experience Speakman Agency is the premier insurance agency serving the great state of New Jersey. We work with Selective Flood to bring you the best service for your New Jersey Flood coverage. Thank you for your interest in Speakman Agency, LLC. You will not be insured if you buy a policy a few days before a flood. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it's already too late. In general, a policy does not take effect until 30 days after you purchase flood insurance. And unlike Federal aid, it never has to be repaid. Flood insurance means you'll be reimbursed for all your covered losses. When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Option 2: Buy flood insurance and stay protected no matter what. The bottom line is that if you're looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer. Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn't offered, you'll have to shoulder the massive damage costs alone. Even if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property. The truth is that Federal disaster assistance is only available if the President formally declares a disaster. government will take care of all their financial needs if they suffer damage due to flooding. Many people wrongly believe that the U.S. Option 1: Hope that you'll receive Federal disaster relief if a flood hit. How can you protect your most important investment in case of flooding? Flood Losses to Your New Jersey Home are not Covered by Your Homeowners Insuranceįloodwaters have the power to damage not only your home and sense of security but also your financial future.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |