Flood insurance may not be required in New Jersey, but flooding can occur anywhere. It doesn't need to be an overflowing river; flooding can be caused by melting snow or a storm. Even though parts of New Jersey are close to the Atlantic Ocean, being close to water is not the only factor for flooding. Just a few inches of water can cause damage to your home. Your normal homeowner's policy will not cover flooding, so having flood insurance is one of the ways you can protect your home. Flood insurance may be required for homes that are within a 100-year floodplain if the house is being mortgaged.
You can use the FEMA flood map search to see if you in an area with a risk of flooding. It's not just a matter of distance from the water, but also the elevation and if there are any flood control measures in place to help minimize the risk. An agent at All Atlantic Insurance Agency can help you determine your risk for flooding.
The National Flood Insurance Program helps provide flood insurance to those in areas that are at risk for flooding. This program backs many policies to give the homeowners excellent coverage. Some policies are not backed by this that are also offered.
Flood insurance has a 30-day waiting period, so don't wait until a storm is approaching before you buy insurance. Flood policies will need to be paid in full and can sometimes be rolled into a mortgage. If you live in a condominium, the master flood policy for your association may not provide enough coverage for your belongings and your property. You may be able to get additional insurance to up your coverage limits. Rates can be determined by many different factors, but your home's risk will be the main factor.
Contact All Atlantic Insurance Agency to get a quote on flood insurance. Our agents can answer your questions and walk you through the insurance process.