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Do I Need Flood Insurance in NC?

By August 24, 2020No Comments
Flood

Flood insurance is not covered on a renters, home, condo policy or standard business property policy.  Flood insurance is a separate insurance policy and if you didn’t purchase one you do not have flood insurance.

If You are In a Flood Zone You Have to Have Flood Insurance?

If your home or property is located in a flood zone and you have a loan on the home or property the bank requires you to carry flood insurance.  A flood zone is a designated area on a map called a community flood map that indicates areas that have a high likelihood of flooding.  Generally speaking they are typically areas that are around a body of water of some sort like a pond, creek, lake etc…  If you are not required to carry flood insurance you may still need it and want it to protect your property.

Do I Need Flood Insurance if I am Not in a Flood Zone?

The simple definition of flood is rising or standing water.  If you have property in a low-lying area or a place where there are drainage issues you should consider flood insurance.  In the past few years there have been a lot of rain storms that drop significant amounts of water at one time and the ground simply can’t absorb it as fast as it is falling.  If a storm like that has the ground water reaching your property the damage caused is not covered unless you have a flood policy.

Where Do I Buy Flood Insurance?

Your insurance agent will be able to help you with purchasing a flood policy.  It is important to know there is a 30-day waiting period before the policy goes into effect.  While there are a few exceptions don’t wait until you are fearful your property is flooding to call your agent.  As the Hurricane season ramps up in the Carolinas call today to get a flood insurance policy.

This is a great FAQ from the North Carolina Department of Insurance that will answer more detailed questions related to Flood.

Need some more info?  Check out this great article about flood – Am I at Risk for Flood?

If you don’t have an agent O’Connor Insurance Associates is happy to help you with questions call us today 704-510-8884 or visit the flood page on our website.

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