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Flood Facts and Tips

Demystifying Flood Insurance

Did you know…

  • Floods are the number one disaster in the United States
  • More than 20% of all flood insurance claims come from areas in low- to moderate-risk flood zones
  • Just one inch of water can cause thousands of dollars in damage
  • The reality is everyone lives or works in a flood zone
  • Most standard home and business insurance policies do not cover flooding

Knowing the volatility of a flood, it’s important to know you have plans in place to ensure you’re properly protected.

The Basics

Just because you haven't experienced a flood in the past, doesn't mean you won't in the future. The reality is a flood can happen to anyone, anywhere, at any time. Common flood causes include rainfall, river-flow, tidal-surges, topography, flood-control measures and changes to the landscape due to building and development.

To help you understand the different degrees of flood risk in your community, click here to view your local flood maps.

Mandatory Requirements

Frequently, homes and businesses in high-risk flood areas are required to have flood coverage in place. While typically not required in moderate-to-low risk areas, flood insurance is something still strongly recommended that can often be obtained very affordably.

Flood Coverages Available

As with any other type of insurance, it's important to know what your policy does and doesn't cover. As an overview, the NFIP provides both building and contents coverage.

  Homeowners Renters Businesses Other Residential Properties Residential Condominium Building Associations
Building Coverage $250,000 N/A $500,000 $500,000 Up to $250,000 per unit
Contents Coverage $100,000 $100,000 $500,000 $500,000 $100,000

Deductible Options

Deductibles apply separately to buildings and contents, and there are several different options to choose from. Similar to homeowners and business insurance policies, a higher deductible will lower the premium you pay, but may also reduce the amount of money you may receive if you place a claim.

Contact your local flood agent to discuss all flood deductible options. 

Annual Premiums

The NFIP sets flood insurance premiums, and they do not differ from carrier to carrier. These rates depend on several factors, including the date and type of construction of your property, along with the flood zone where your property is located. While insurance rates will be the same from every carrier, the level of service you receive from each may differ. That’s why Selective focuses on providing a best-in-class customer experience.

Don’t Wait Until It’s Too Late

Typically, there's a 30-day waiting period after a flood insurance policy is purchased before it becomes effective. Knowing that floods are one of the top natural disasters in the U.S., we encourage you to review your flood insurance options with a Selective agent today.

Newsflash: April 2016 NFIP Changes Include:

  • Some fee and rate increases
  • Subsidy elimination for certain Pre-FIRM properties
  • Eligibility guidelines to the Newly Mapped Program

For more information and to help you clearly understand what to expect, contact a Selective Flood agent today.  

Newsflash: April 2015 Legislative Changes Include:

  • An increase in the Reserve Fund Assessment
  • An additional deductible option
  • An increase in the Federal Policy Fee
  • Rate increases for most policies

For FEMA’s summary, review their Fact Sheet here.

Newsflash: FEMA changes primary residence status definition and implements a new annual surcharge that became effective April 1, 2015.

To ensure current customers receive the appropriate rate and surcharge at renewal, FEMA requires verification of residence status by submitting one of the following to your agent or Selective directly. You can submit this online, by mail: Selective - Flood, PO Box 782747, Philadelphia, PA 19178-2747, by email or fax (877) 647-1522.

  • Valid driver’s license
  • Current automobile registration
  • Proof of insurance for a vehicle
  • Voter’s registration
  • Documents showing where children attend school
  • Homestead Tax Credit Form for primary residence

If you cannot provide one of the above items, fill out and submit a Primary Residence Status form. For more information on the annual surcharge, review FEMA’s Fact Sheet.