Is It Too Late to Get Flood Insurance?

According to the Federal Emergency Management Agency (FEMA), floods are the most common natural disaster in the country, causing billions of dollars in damage each year. If you are like most people and haven’t decided on the insurance yet, you’re probably wondering whether it’s too late to get insurance.

The truth is, it’s never too late to get flood insurance. Whether you purchase a policy before or after disaster strikes, it is still worth having insurance coverage. However, it is beneficial to cover the risk and buy a policy before a flood.

When Is the Best Time to Purchase a Flood Insurance Policy?

The best time to purchase flood insurance is well before the flood season begins. Floods can occur at any time of the year, but having insurance in place before the season starts provides peace of mind and ensures you’re protected when floods do happen.

What Happens If You Miss the Window?

If you missed the opportunity to buy flood insurance before a flood warning, your options for protection during the event are limited. Unfortunately, disaster relief and government aid, such as FEMA’s disaster assistance, are often insufficient compared to the coverage provided by flood insurance. They may not cover all your damages or expenses.

Why You Should Not Delay to Get Flood Insurance and Instead Get it Right Now

The following are reasons why you should purchase flood insurance right now:

Flooding is More Common than You Think

Just because you don’t live in a high-risk flood zone doesn’t mean you’re not at risk for floods. Floods can occur anywhere, at any time. All it takes is heavy rains or a broken levee to cause floodwaters to overrun your home. Every state and 99% of counties in the United States has had a flood event.

Flood Damage is Costly

The damage can be extensive and expensive to repair if your home is flooded. The average flood damage claim is more than $52,000. If you don’t have flood insurance, you’ll be on the hook for all those repairs.

It’s Affordable

Many people think that flood insurance is too expensive, but the truth is that Neptune’s insurance is quite affordable. Your premium plans can be adjusted to fit your specific financial capability and budget without breaking the bank.

Protect Your Personal Belongings

Your homeowners insurance policy likely covers your personal belongings in the event of a fire or theft, but it probably doesn’t cover them if flooding causes damage. If your home is flooded, you could be out thousands of dollars for damaged furniture, electronics, clothing, and more.

Enjoy Peace of Mind

Knowing that you’re protected from the financial devastation of a flood gives you peace of mind. You’ll sleep better at night knowing that your insurance will cover the repairs if your home is flooded.

Your Lender May Require Insurance

If you have a mortgage on your home, your lender may require you to purchase insurance. That’s because they want to ensure that their investment is protected in the event of a flood.

Protect Your Business

Flooding is a real threat to business owners, and the damage can be extensive. You could be out of business for weeks or even months if your business is flooded. Ensure your financial stability and operations with an insurance policy that can cover your assets.

Misconception About Last-Minute Purchases

Many people mistakenly believe that they can buy flood insurance right before a storm or flood event and still be covered. However, due to the waiting period, buying insurance at the last minute won’t help if a flood is imminent. It’s crucial to plan ahead and secure your policy long before a storm is on the horizon.

How Much Is Flood Insurance?

The average cost of flood insurance is between $700 to $2,000 per year. However, the insurance cost varies from person to person because of various factors discussed below. Thus, it is wise to seek expert advice from your agent or Neptune, who can devise a plan that suits your desired premium.

The following are factors that can affect your insurance cost:

Home or Business Value

The worth of your assets is a primary determinant of how much you’ll be paying for the policy. The higher the value, naturally, the more you’ll pay for the insurance.

Flood Risk

If you live in an area prone to floods, you’ll be paying more for the policy. The higher the risk, the more expensive the insurance. The good thing is that Neptune is affordable and worth your investment.

Deductible

Your deductible is the amount you’ll be required to pay out of pocket before your insurance policy kicks in—the higher your deductible, the lower your insurance cost.

Policy Limits

The policy limit is the maximum amount your insurer will pay for damages. The higher the limit, the more you’ll pay for the insurance.

Replacement Cost Value

The replacement cost value is the amount of money it would take to replace or rebuild your property if damaged or destroyed. The higher the replacement cost value, the more you’ll pay for the insurance.

Type of Property

The type of property you have also affects your insurance cost. For instance, a single-family home is usually cheaper to insure than a multi-family home.

Your Add-ons

If you want additional coverage like contents coverage or business interruption insurance, you’ll pay more for the policy. 

Insurance Company

Finally, the insurance company you choose also affects your premium. Some companies are just more expensive than others. But that doesn’t mean they’re necessarily better. The good thing is Neptune Flood is the largest private flood insurance company that offers comprehensive covers at the most affordable rates.

Largest Private Flood Insurance Provider in the United States

If you are looking for the leading private flood insurance company that will always offer you financial help when you need it most, look no further than Neptune. Neptune is the largest private insurance service provider in the United States. Choosing Neptune Flood as your number-one go-to insurance provider gives you the following benefits:

Affordable Rates

Enjoy the best and most affordable rates that suit your budget without worrying about putting a hole in your pocket.

Excellent Customer Service

Get access to the best customer support that will help you every step, from finding the right policy to making a claim.

Wide Coverage

Neptune offers one of the most comprehensive coverages in the industry, so you can be sure that you and your property are well protected.

Peace of Mind

With Neptune, you can have peace of mind knowing that you’re protected from the financial devastation of a flood.

Solid Reputation

Neptune has been a well-established and reputable company providing quality insurance for over 225,000 policies. Thus, you can trust the experts and let them handle your flood issues professionally and in the best way possible.

Superior Claims Service

Neptune offers superior claims service, so you can be sure that you’ll be taken care of in the event of a flood. Moreover, the company is financially stable, and you can trust them to pay your claims when you need them.

Easy Online Services

You can easily purchase your policy online in under two minutes. If you have questions, Neptune’s customer success team is available to help you.

Professionalism

Finally, the last thing you want to experience is working with an unprofessional company. With Neptune, you’ll never have to worry about that. The company and its team are always professional in everything they do, from handling your policy to dealing with claims.

Conclusion

It is not too late to get flood insurance, and getting it now can help save you from a lot of potential financial stress and devastation in the future. When it comes to finding the best flood insurance company, there is no better choice to trust than Neptune Flood, with its affordable rates, comprehensive coverage, and excellent customer service. Contact Neptune Flood today and get the best protection for you and your assets.

FAQ’s

How can I buy flood insurance?

You can easily purchase flood insurance online through Neptune Flood, with a policy available in under two minutes.

Why is flood insurance important even if I live in a low-risk area?

Floods can happen anywhere, and damage can be costly. Having insurance provides financial protection and peace of mind.

How many times can a homeowner file a flood damage claim before coverage is denied?

There’s no set limit on how many flood damage claims a homeowner can file, but multiple claims may lead to higher premiums or policy non-renewal. It’s best to review your policy and consult with your insurer for specific details. 

What is the waiting period for flood insurance to take effect?

There is typically a 30-day waiting period before flood insurance coverage begins. Neptune offers a much shorter wait of only 10 days. You can also get coverage same-day for real estate closings and policy rollovers.