When Should You Get Flood Insurance?


4 min read · Nov 17, 2022

It’s always a good idea to be prepared for the worst, including being financially ready for a natural disaster. Not only can floods be damaging to your home and property, but they can also be dangerous. One way to prepare for flooding is to have flood insurance. But when is the best time to buy it? Neptune offers guidelines to help you decide when to get your flood insurance.

It is never too late to get your flood insurance and the best time to get it is right now! The following are some reasons why.

You Reside in a High-Risk Area

It’s a no-brainer that if you live in an area with a history of flooding, you should have flood insurance. If your home is in a FEMA-designated Special Flood Hazard Area (SFHA), where the chances of flooding are the highest, you may be required to have it (more on that below in our next point.)

If you don’t live in an SFHA, your home could still be at risk. According to the National Flood Insurance Program (NFIP), floods are the most common natural disaster in the United States and can occur anywhere.

The Need to Meet Mortgage Lender Requirements

If you have a mortgage on your home, your lender will most likely require you to have flood insurance. Most federally regulated or insured lenders will not issue a mortgage without it. That’s because standard homeowners insurance policies do not cover flooding, and lenders want to make sure they aren’t left with a flooded home

Lenders understand the risks of flooding and will not want to be left with a property damaged by floods. For this reason, they will typically require flood insurance for properties located in high-risk areas. If you’re unsure whether your home is in an SFHA, you can check the FEMA Flood Map Service Center or ask your agent.

Desire to Enjoy Maximum Flood Insurance Coverage Protection

There are two types of flood insurance coverage: building coverage and contents coverage. Building coverage protects the physical structure of your home, which could include the foundation, walls, floors, and HVAC system. Contents coverage, on the other hand, safeguards your belongings such as clothing, furniture, and electronics.

Standard NFIP flood insurance policies will cover up to $250,000 for building the building and $100,000 for contents property. Private flood insurance options like Neptune Flood provide up to $4,000,000 in property and $500,000 in contents. Protecting your personal and building property is essential, so proper coverage is best.

Remodeling or Repairs Are Being Done to Your Home

An extensive remodel of your home can increase its value and, as a result, its flood insurance rates.

It’s a good idea to check with your local building department or permit office to see if a permit is required for the work on your home. If a permit is needed and you don’t have flood insurance, you may be required to purchase flood insurance.

The Cost of Flood Insurance Is Within Your Means

The cost of flood insurance depends on various factors such as the location, type, and age of your home, the level of protection you desire, and whether you live in a high-risk area. But on average, a typical flood insurance policy can cost anywhere from $500 to $700 per year but it can be more if you need excess cover.

If you live in an SFHA the rates may be higher, but there are ways to help offset the cost. For example, you can purchase a policy with a higher deductible. You can also talk to Neptune Flood agent about what is best for you.

You Lack the Resources to Handle Flooding Repercussions

If a flood damages your home, it can be expensive to repair. If you don’t have the right insurance coverage, you may have to pay for the repairs out of your pocket. The average residential flood claim is $52,000; in the worst-case scenario, it can be much more.

If you live in a high-risk area and don’t have flood insurance, the repairs could cost you tens of thousands of dollars. If you can’t afford to pay for the damages out of your pocket, it’s wise to have flood insurance. It can help give you peace of mind knowing that you’re protected financially in the event of a flood.

Desire to Be Prepared for the Unexpected

No one knows when or where a flood will hit. Even if you don’t live in a high-risk area, you could still be at risk. Flooding can occur anywhere there’s heavy rainfall, melting snow, or dam or levee failure. It’s always best to be prepared.

If you have flood insurance and a flood does occur, Neptune Flood can focus on paying your claim and getting your life back to normal instead of you having to worry about how you’re going to pay for the damages.

Why Get Your Flood Insurance from Neptune Flood?

If you’re looking for flood insurance, Neptune Flood is a great option for a variety of reasons:

  • Get Sufficient Coverage
  • Enjoy Competitive Rates
  • Benefit from Expertise
  • Receive Prompt Payouts
  • Benefit from Personalized Service

Contact Us

Having flood insurance is vital for a variety of reasons. It can help you protect your home, belongings, and finances in the event of a flood. And at Neptune Flood, we can help you find the right policy for your needs. Contact us today to learn more about our flood insurance options and get the coverage you can count on.