With the amount of snowfall this winter, much is being discussed about the potential for flooding this spring. and the potential need for flood insurance. While each of us may have a different set of circumstances or exposure to risk, here is some basic information to some of our most common questions.
Q) Doesn't my homeowner's policy cover flood?
A) No! Flood damage is not typically covered by a homeowner's insurance policy.
Q) If my home is flooded, won't federal disaster assistance pay for damages?
A) No! Federal disaster assistance must first be formally declared by the President. Even then it typically comes in the form of low interest loans to help, not compensation.
Q) What is covered with flood insurance?
A) Basic coverages are available for basement and enclosure utility connections, necessary mechanical equipment, i.e. furnaces, hot water heater, washer/dryer, freezer, A/C, circuit breakers, etc. as well as building and contents above grade.
Q) Is there a deductible with a flood insurance policy?
A) Yes! The basic deductible is $1,000 with higher deductibles available.
Q) What's the cost of a flood insurance policy?
R) Premiums will vary depending on your location those in a low or moderate risk flood zone may qualify for a lower cost flood policy.
Q) Is there a waiting period to obtain a flood policy?
A) Yes! There is a 30 day waiting period prior to the policy being effective.
Q) Do I need flood insurance?
A) Everyone's situation is unique, even those in a low risk area should consider the need for flood insurance.
Contact any Nodak Mutual agent to answer any questions you might have about your situation or the purchase of coverage.
Nodak Insurance Company
1101 1st Ave N
Fargo, ND 58102
877-814-5011
