With high precipitation levels this past fall, there’s concern of flooding with the upcoming spring runoff. City officials are preparing for the worst but hoping for the best. They remind residents that flood insurance is only good if purchased prior to any flood event.
Flooding is the most common natural disaster in the United States, and can be caused by storms, snowmelt and ice jams. No matter where you live, some risk of flooding exists. According to the Federal Emergency Management Agency flood smart website, just 1 inch of water can cause $25,000 of damage to a home.
When to purchase. The best time to purchase flood insurance is now, ahead of any potential flood event. Without flood insurance, homeowners or renters face paying out of pocket for expenses for repairs and replacements due to flood damage. It typically takes 30 days from the date of purchase for a flood insurance policy to go into effect. There may not be a wait period for flood insurance if closing on a purchase or refinancing a home. When choosing a policy, ask your insurance agent when coverage will start.
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How to purchase. Contact the insurance agent helping you with your homeowners or renters insurance to inquire about purchasing flood insurance. For more questions to ask your insurance agent, visit floodsmart.gov/how/what-to-know-before-buying-a-flood-insurance-policy.
What to cover. When purchasing a flood insurance policy, it is important to look for cleanup and sewer backup coverage as well as coverage for both the building structure and its contents.
More important information to know:
- Homeowners and renters insurance does not typically cover flood damage.
- More than 20% of flood claims come from properties outside high-risk flood zones.
- Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.
Find out what flood zone you are in and assess the risk in your neighborhood at floodsmart.gov. Check out Mandan’s flood map at the FEMA Flood Map Service Center.