Homeowners insurance normally doesn’t cover flood damage, potentially leaving you exposed to major damage if your house is within a floodplain. If you live in a flood-prone area, and much of New Jersey is at risk of flooding, this is a protection you should consider.
Creative Risk Management LLC in New Jersey can help you find a policy. Here are the ways you might get one.
Through the National Flood Insurance Program
The National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA), is one of the most common ways to get flood insurance. NFIP policies cover your building and contents, and are available in participating communities (most communities participate).
The main feature of NFIP policies is that they’re often subsidized. This is usually the most affordable way to get coverage if you’re in a high-risk flood zone, or even just a moderate-risk zone.
Protections for NFIP policies are standard, and don’t offer many options for different coverages or limits. But if they meet your needs, this is the first place to look for a policy.
Through the Private Market
Private insurers also offer flood insurance, often with higher coverage limits, shorter waiting periods, and optional add-ons. But be prepared to pay more for these policies. They frequently offer better protections and aren’t subsidized.
The private market can be a better fit if you need more flexible protection or want to insure items the NFIP may exclude.
Work With an Independent Agent
The best way to compare both NFIP and private flood insurance is to work with an experienced independent agent. An independent agent has the flexibility to show you policy options from government programs and multiple private insurers, making it easy to see which is the best for your home. To speak with an independent agent about getting flood insurance for your New Jersey home, contact us at Creative Risk Management LLC.
