1. Where do you Live?
This is a rather obvious, but very important question you need to look into when you’re shopping for flood insurance. Depending on where you live, insurance policies may be more or less expensive than another location for the same amount of coverage. This means knowing how flood-prone the area you live is, as well as how flood prone your particular house is.
2. Value Everything
Before you can even decide on an insurance provider, you need to know how much coverage you’ll actually need. Make a list taking into account values for as much as you can for everything you’d like covered in and around your home, saved receipts will help a lot with this. You don’t want to be left with half your home not covered, but you also don’t want to buy enough insurance coverage for the whole block.
3. Compare and Contrast
Don’t look into just one or two agencies, get as many quotes from as many insurance providers as you possibly can. Check local agents, national agents, and anything you can find online (including consumer reviews). Many companies can give instant quotes online or over the phone. If you’re armed with all the information you need for an accurate quote, this should not be a problem.
4. Look into your Local Protection
Some communities invest in community flood insurance coverage. This is most often found in more flood-prone areas to help those willing to live in a place with such high risk. If you think you might live in such an area, contact local community leaders to see if your community participates in community flood insurance with the National Flood Insurance Program, or another affiliated program. Take caution when signing onto community insurance, and see if it covers all of your needs. You may want to purchase additional, separate insurance for your personal belongings.
5. Ask Around
If you’re new to the area or simply buying flood insurance for the first time, it never hurts to ask around a little. Ask not only friends and family that live nearby, but people who live on or near your street if they have flood insurance and how they feel about it. If you can, find someone who has lived in the area awhile and can give you their honest opinion on local agents and coverage in the area.
6. Get it Before the Flood
You’d be surprised at how many people don’t realize they should have flood insurance until it’s too late. Make sure you’re fully aware of the flood risk in your area, and the time of highest flood risk. Some insurance policies can take up to a month or even two to go through and become fully active. It’s not enough to know a flood is coming and that you need it then. Flood insurance can also be much cheaper off-season.
7. Impress your Agent
Some agents give odd discounts for things you can do in and around your home to make it more safe. If your home is near a lake for example, and you have it raised off the ground, you could receive a discount. The same goes for sump pumps in the basement, special protective roofing, and efficient drainage systems. Remember, they’re selling you insurance hoping you’ll never need it- so anything that could prevent them from actually paying for damage, they like.
