Flood Insurance: After the Snow Melts
Our agency hopes you are staying warm and safe this winter. We also want you to be thinking ahead about flood insurance.
Predictions are for a very cold and snowy season ahead, including potential blizzard conditions. You are probably already aware of the steps to take if there's a bad storm and your power goes out. Supplies to keep on hand include flashlights, extra batteries, backup phone chargers, food that is easy to prepare, and other essentials.
Are you prepared for what may come after the snow starts to melt? Rapid melting especially leads to flooding as the ground cannot absorb the moisture, and the water has to go somewhere–and that somewhere could be onto your property and into your home or business.
It’s hard enough to stay warm and go about your normal activities without the additional worry about the aftermath of winter storms and the potential flooding of your home and business after the snow and ice melt. Remember: with few exceptions, the Federal Government will not reimburse you for losses to your property and possessions.
This is why the National Flood Insurance Program (NFIP), created through the government agency FEMA, is so important to private property owners. Unless it receives new funding, new policies may not be available to purchase after January 30, 2026. That’s the end of this month!
NFIP insurance is available by qualified agencies, such as ours, and is rated properly with the current maps, zones, and risks needed to be covered. Mortgage institutions often require home and property owners to obtain and maintain flood insurance every year to cover the loans that are outstanding, and also for them to be named as an additional insured.
The need for flood insurance can even affect the sale of your property. You could be without a qualified buyer if they cannot obtain it when required for their mortgage. As I told one of my recalcitrant clients who still refuses to buy flood insurance, if they want to sell their very flood-prone property, “Don’t try to sell to anyone who buys your property with a mortgage!” They thought I was joking, but of course I wasn’t!
So, with many situations in life, protective measures such as buying flood insurance when your property is at risk makes perfect sense. Just as the government won’t insure losses from death, disability or long-term care expenses, the same is true with floods.
Contact our agency today before the snow melts!
Talk with you soon!
Michael Wish