Connecticut Flood Insurance
Your home is your castle. You’ve worked hard to get it just how you want it. It is, perhaps, the most tangible and visible manifestation of your achieving The American Dream. You know enough to have it insured properly. But do you know what your policy actually covers? More importantly, do you know what it doesn’t cover?
One exposure that your standard homeowners insurance policy will not cover is flooding—the #1 natural disaster in the United States. And don’t think that just because your home is not in coastal area that you’re off the hook. The National Flood Insurance Program (NFIP) says that people outside of what they call “mapped high-risk flood areas” file more than 20% of all NFIP flood insurance claims and receive one-third of Federal disaster assistance for flooding.
Floods can and do happen for any of a number of reasons. For example, a mid-winter or early spring thaw could produce large amounts of runoff in a very short period of time. If the ground is hard and frozen, as is often the case here in Connecticut, water can’t penetrate it and be reabsorbed. What happens then? Well, the water then runs off the surface and flows into lakes, streams and rivers.
This could cause excess water to spill over their banks and, perhaps, into your home. Add to that a heavy spring rain—again, not an unusual occurrence around here—and perhaps maybe an ice jam on a river that flows through your community, and we could see serious, widespread flooding.
Fortunately, personal flood insurance is available for Connecticut homeowners, condo owners and renters. Of course, the cost will vary depending on how much insurance is purchased, what it covers and the property’s flood risk. The good news is, most homeowners in moderate- to low-risk areas could be eligible for coverage at a preferred rate.
National Flood Insurance Program preferred risk policy premiums are the lowest available through the program and offer building and contents coverage for one low price. If your home is in a high-risk area, a standard rated policy is the only option for you and is actually required if you have a mortgage through a federally regulated or insured lender. A standard rated policy offers separate building and contents coverage.
Factors that go into calculating your Connecticut flood insurance premiums include:
- Year of building construction;
- Building occupancy;
- Number of floors;
- The location of its contents;
- Its flood risk (i.e. its flood zone);
- The location of the lowest floor in relation to the elevation requirement
on the flood map (in newer buildings only);
- The deductible you choose; and
- The amount of building and contents coverage.
Typically, there’s a 30-day waiting period from when you purchase a policy to when it goes into effect. Also, the coverage is fairly complicated. So it makes sense to talk with someone on the team at Paradiso Insurance sooner rather than later.
We’re here to help you cover what’s important to you—regardless of what might cause damage. Call us, stop in, or share your info using the Connecticut Flood Insurance form on this page.
Coverages to Consider
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The professionals at Paradiso Insurance are well versed in all aspects of life insurance and we’re ready to help you research options and weigh the pros and cons of each.