The Federal Emergency Management Agency is telling people not to delay before purchasing coverage.
FEMA has issued a recommendation to homeowners, instructing them to buy flood insurance today instead of waiting to make their decision at a later date. The Federal Emergency Management Agency said that now is a good time for buying this coverage.
The policies to which FEMA referred are through the National Flood Insurance Program.
Among the top reasons FEMA is saying that homeowners should buy flood insurance now instead of later is that there is a 30 day waiting period that must be taken into consideration. For that first month after the policy is purchased, the coverage is not in full effect. Therefore, the longer consumers wait, the longer it will be before they have coverage to protect their homes and possessions against overland flooding.
Doug Ommen, Iowa Insurance Division Commissioner, stated that: “Flood insurance is only currently available through the federal flood program. It’s important to talk to an agent to make sure that the coverage that you are looking for is found in your contract.”
Consumers can buy flood insurance through an agent or through any insurer participating in NFIP.
Ommen pointed out that it’s possible to purchase a flood policy by speaking with an insurance agent. That said, the coverage can be bought through any insurance company participating in the National Flood Insurance Program (NFIP). That said, in order to be eligible to purchase a policy, the consumer must reside in a town or county that has applied in NFIP.
There are thousands of communities that have applied for participation in NFIP and millions of property owners who have purchased coverage.
“Flood insurance can be purchased anywhere. The pricing usually is associated with some of the modeling of which areas are subject to flooding,” explained Ommen as quoted by WHOtv. He underscored that in Iowa, anyone can purchase a flood insurance policy, regardless of whether they’re a renter, homeowner, or business owner.
It’s also important to note that a consumer may be required by the federal government to buy flood insurance, depending on where he or she lives. In this case, it is also very important to purchase the coverage now instead of later.