If You Have A Flood Insurance Policy Do You Carry Flood Contents Insurance

Posted In: Compare Contents Insurance

Tommie Bells says...

If I were you I would get a quote without contents coverage.Most times you know a flood is coming (unless it is a flash flood but you should have some clue there too) & you can empty the important things out of the house & leave.There is very limited basement contents coverage (washer dryer, deep freezer & that is about it other than the house systems).Even if you purchase some contents coverage, you will need to empty out the basement of contents, if you have any down there, if you know a flood is coming if you want coverage for the contents.

Yes, if you didn't live in a special hazard flood zone & your property was rezoned into the special hazard flood zone & you ALREADY had a policy in place on the standard rate policy (NOT on the preferred rate policy which is available to only to zones B, C & X) BEFORE the rezoning, you are grandfathered into the same rate & you can be rated in the same zone (you could continue in zones B, C or X instead of one of the A or V zones).I just had this happen to one of my insureds.They had a flood policy in zone X in the standard rate.I wanted to rerate to the preferred rate to get a better premium for them & when I rerated I found out they were recently rezoned to zone A.I called the National Flood Insurance Plan & they told me about the grandfathering & they said I could leave the current policy AS IS with the same coverage, zone & premiums.If they ever cancelled the policy, they would have to be rewritten to the new zone with the higher rates.

Did your agent tell you about an elevation certificate?This may be very helpful to you.If the lowest part of your home (basement floor if you have a basement) is above the flood plain, you may be able to get a much cheaper rate.It may be worth it for you to contact an engineer, it could cost several hundred dollars to have this done but if you are even with or above the flood plain, it could save you many hundred dollars per year.Your agent should be able to quote the difference. I bet it could make up the cost in one year or less.

Also, another thing you should know - if you sit way above any body of water, like up on a hill or knoll, depending how high you are, you may be able to get a "letter of map amendment" from an engineer.This would essentially take you out of the special hazard flood zone & end your need for flood insurance by the bank.You would submit the letter to FEMA & the bank.

Posted on July 5, 2011