questions about flood insurance

[Tiggeroo]

we live in a shore town which has had disastrous flooding/storm damage in the past but it's been around 40 years since a really serious one. I live three homes from the beach but we are considered high ground as it's the same street where they built the high school and this is shelter and was required to be on the highest ground in the town.
Our normal problem is not due to ocean flooding but when the storm drains can't handle the rain we move all our cars when anything is predicted and stay up if it looks really bad in case we have to move the cars.
I have renters insurance but in a recent article they referred to federal flood insurance being available to renters as well as home owners and the very low cost in our area as we are generally low risk. I always assumed I had to own my home to be eligible for this. I"m trying to decide if it's a worthwhile purchase. If it would cover things I could use.
My questions are about where the water comes from and pay-out on insurance. Katrina brought these questions to mind. Does federal flood insurance cover rain water, sea water or both? If it only covers one does your regular property insurance cover the other? My building has never had water in it and it's over 80 years old but just checking.
Also, does insurance cover replacement value or do they need to know how old everything is and calculate a pro-rated value. I have no receipts on anything at this point. I"m planning on going thru and taking photos of everything and printing hard copies of them.
This is a new part of my emerg. plan. I have supplies and clothes in dry bags, water canned goods, etc, a place to take my cat. But I always figured my possessions I'd just take a hit on. Are relocation costs ever covered in insurance or temp. housing? Thanks alot guys. I appreciate it.

 

[The Mystery Machine]

Not sure about anything these days..perhaps you can dig thru the site.

http://www.fema.gov/plan/prevent/floodins/infocon.shtm

Here is stuff about New Jersey..
http://www.fema.gov/news/event.fema?id=3223

 

[oxfordcircus]

Regular homeowner's insurance does not cover flooding, no matter what the source. Talk to an agent and get something in writing which clearly and simply spells out what's covered.

 

[froglady]

The quick explanation I got was that if the water is from the bottom up, it's flood, and from the top down, it's rain; ie, had your roof been intact, you would have no water in your house.

I have flood insurance just in case I'm wrong, or an if area that NEVER flooded in the past floods in the future.

 

[mickeyfan2]

To get flood insurance one needs to be in a flood plain.

 

[BirdsOfPreyDave]

If you live at the beach, you're definately in one of FEMA's Flood zones and should be eligable for coverage. Call the insurance company you have your renter's policy with and ask them about flood coverage. It isn't like other types of insurance where you have to shop around to find the best price. The federal government sets the rates for flood insurance. You'll get the same rate from any company.

If you go to your town's web page, you'll probably find a detailed flood map. If they don't have it online, there'll be a way for you to request a copy. The one for my city showed our street as one of the higher locations in town. As such, I didn't have any legal requirement for insurance, and my mortgage company also didn't require it. But, being only 30 miles from the ocean and walking distance from a major river, I wasn't taking a chance. It's worth the money for the peace of mind.

 

[Miss Jasmine]

To get flood insurance one needs to be in a flood plain.

Not true. Anyone can buy flood insurance. If you are in a flood plain your mortgage company REQUIRES you to buy flood insurance.

 

[mickeyfan2]

Not true. Anyone can buy flood insurance. If you are in a flood plain your mortgage company REQUIRES you to buy flood insurance.

Maybe it depends on the state you are in. I talked to an agent and they said we could only buy it if our home is in a flood plain.

 

[Miss Jasmine]

Maybe it depends on the state you are in. I talked to an agent and they said we could only buy it if our home is in a flood plain.

Your community must not participate in the NFIP. Interesting. That could be a result of state statute or some other factor. I had not thought of that.

 

[mickeyfan2]

Your community must not participate in the NFIP. Interesting. That could be a result of state statute or some other factor. I had not thought of that.

Are you sure your not in a 100 year flood plain? I just talked to our actual agent insurance and he said you MUST be in a flood plain to buy the insurance. He even called the national flood office and that is what they told him. Also he said that flood insurance does not cover surface water (just from the rain) and anything below ground level. We have a full basement, so our boiler and A/C would not be covered even if we had the insurance. We are about 10 miles from a major river. The only possiblity is for us to get surface water in the basement. We have everything elevated and an extansive drainage system around our home. Looks like we have no need for the insurance.

 

[Jpgirl]

You might want to check with another agent MickeyFan. We live in a 500 year flood plain and we got the Federal flood insurance. The source of flooding didn't matter. The thing is though you have a 30 day waiting period-so if you pay for the insurance and get flooded in the 30 day period you're out of luck. Also I think there's a clause in there about not being able to apply so many days ahead of a hurricane hitting the are you live in-of course that would be covered in the 30 day clause. We just paid ours-got it when we moved to Texas 4 years ago. Thought about letting it lapse last year but glad I didn't when I saw what Katrina did to NOLA.

 

[mickeyfan2]

You might want to check with another agent MickeyFan. We live in a 500 year flood plain and we got the Federal flood insurance. The source of flooding didn't matter. The thing is though you have a 30 day waiting period-so if you pay for the insurance and get flooded in the 30 day period you're out of luck. Also I think there's a clause in there about not being able to apply so many days ahead of a hurricane hitting the are you live in-of course that would be covered in the 30 day clause. We just paid ours-got it when we moved to Texas 4 years ago. Thought about letting it lapse last year but glad I didn't when I saw what Katrina did to NOLA.

The thing is that we do not live in a flood plain. I will call another agent.

 

[Miss Jasmine]

Who may purchase a flood insurance policy?
NFIP coverage is available to all owners of insurable property (a building and/or its contents) in a community participating in the NFIP. Owners and renters may insure their personal property against flood loss. Builders of buildings in the course of construction, condominium associations, and owners of residential condominium units in participating communities all may purchase flood insurance.

Condominium associations may purchase insurance coverage on a residential building, including all units, and its commonly owned contents under the Residential Condominium Building Association Policy Form (. The unit owner may separately insure personal contents as well as obtain additional building coverage under the Dwelling Policy Form as long as the unit owner's share of the RCBAP and his/her added coverage do not exceed the statutory limits for a single-family dwelling. The owner of a non-residential condominium unit may purchase only contents coverage for that unit.


How can property owners or renters find out if they are eligible to purchase flood insurance?
NFIP coverage is available only in participating communities. Almost all of the nation's communities with serious flooding potential have joined the NFIP. The NFIP provides a listing of participating communities in the Community Status Book. To learn if a community participates in the NFIP, refer to this listing online at http://www.fema.gov/fema/csb.shtm or contact a community official or insurance agent.

Why is there a requirement to purchase flood insurance in communities that have not suffered flooding in many years or ever?
A major purpose of the NFIP is to alert communities to the danger of flooding and to assist them in reducing potential property losses from flooding. Therefore, FEMA determines flood risk through the use of all available information for each community. Historical flood data are only one element used in determining flood risk. More critical determinations can be made by evaluating the community's rainfall and river-flow data, topography, wind velocity, tidal surge, flood-control measures, develop-ment (existing and planned), community maps, and other data.

 

[mickeyfan2]

http://www.fema.gov/fema/csb.shtm

Our community is listed. I will need to do more research and call around. Thanks for the info.

 

[Miss Jasmine]

Our community is listed. I will need to do more research and call around. Thanks for the info.

You're welcome.

 

[Tiggeroo]

it's all confusing though. When I look it up apparently the flood insurance will cover me for flooding of any source but not water seepage into my home or wind driven rain such as a storm breaks my windows and rain gets in or it pulls off roofing and rain gets in, no coverage. This is the NFIP for which my neighborhood is recommended for renters required by lenders.

 

[mickeyfan2]

You're welcome.

I just called and they said our city does participate. She also told me that some companies one write in certain areas. She gave me three companies that I can call and see if we can get it and the cost. Now to do some calling.

 

[mickeyfan2]

I just called the 888 number and they gave me an 800 number (800)427-4661 to see if our town participates. They said we do. They gave me three agents to call. I called the one closest to us and we now have flood insurance (after the 30 day waiting period of course). We are in flood zone X (rarely floods) and are covered for the maximum of $250K for the building and $100K for the contents. Our premium is the minimum amount of $317/year.

Thank you all for your help. Glad I did not stop at the first two answers I got.