How to Get the Best Quote for Flood Insurance

If you’re a business owner or homeowner in New Jersey, you know that one of the most important things you can do is insure your property. That way, if something happens, you’re covered. But not all emergencies are created equal. Some disasters, like floods, can do severe damage to your property.

As a homeowner, you’re 27 times more likely to experience a flood than a fire over the course of a 30-year mortgage. So even if you don’t think you live in an area prone to flooding, getting a quote for flood insurance is still a good idea because having flood insurance can give you peace of mind if the worst happens.

The best thing about this insurance coverage is you don’t have to break the bank to get quality flood insurance. Let’s dive into a few key tips on how you can get the best quote for flood insurance.

Shop Around

All of NFIP’s partner companies offer the same basic flood insurance coverage, but any policy-specific differences will come from your specific insurance company. Make sure you carefully weigh the pros and cons of different companies to find one that meets your needs best. When shopping around, make sure to consider factors like customer rating, how claims processes are handled, and what additional benefits the provider may offer.

Additionally, check the coverage levels of an insurance policy to ensure you are getting the fairest rate. Not all insurance policies are created equal, so it’s essential to do your research before committing to one.

Consider Your Deductible

Another way to get the best quote for flood insurance is to choose the right deductible. Your deductible is the amount you must pay up-front before your insurance policy kicks in. A higher deductible will mean that you receive a lower premium but face more out-of-pocket costs if you have to make a claim.

So take the time to carefully consider what you can pay out of pocket to meet the demands of a higher deductible or whether more costly monthly insurance premiums are the smarter choice for your budgetary needs.

Review Your Policy Regularly

Your insurance needs can change over time, so make sure to regularly review your flood insurance policy. If you’re in an area that hasn’t seen much flood damage over the previous few years, you may feel comfortable reducing your flood coverage. On the other hand, if you’re in an area where flood damage is predicted to be on the rise, increasing your policy’s limits may be prudent.

Keep in mind that while reducing coverage too much is not recommended, reviewing your policy annually and making adjustments will help you make the best decision on coverage levels.

Ask About Discounts

Some insurers offer discounts to homeowners who take precautions that help reduce their home’s risk of flood damage. These precautions may include lifting your house, installing a sump pump, or waterproofing your basement. Other discounts may come in the form of bundling a flood insurance policy with home and auto, so always make sure to inquire about which discount options may be available to you.

Find an Insurance Agent

Finding the right insurance agent is one of the most important things you can do when you’re looking for the best quote for flood insurance. Many flood insurance companies have agents who specialize in helping homeowners and business owners get the right flood insurance policies to meet their needs.

There are a few different ways you can find a quality insurance agent including conducting online searches, asking family and friends for recommendations or visiting the NFIP website. 

Note that if you live in a high-risk area, your insurer may require that you purchase flood insurance through the National Flood Insurance Program (NFIP). You can check rates on the NFIP website to see how much it will cost before you start shopping around for an insurer.

Know Your Policy

Knowing your policy is another way to get the best quote for flood insurance. Make sure you understand your policy’s exact coverages before you invest. That way, there are no surprises down the road if you have to make a claim. To ensure there are no gaps in your coverage, be sure to talk with your insurance agent.

Additionally, keep in mind that most private flood insurance companies have a maximum waiting period for a policy to go into effect, which is ten to fourteen days, while the NFIP has a waiting period of thirty days. 

Ready to Get a Quote for Flood Insurance?

There’s no need to spend a fortune on flood insurance premiums. By shopping around, considering your deductible, and reviewing your policy regularly, you can get a flood insurance policy that fits your requirements.

If you need help getting the best quote for flood insurance, we can put you on the right track toward finding an affordable policy for your property. Reach out to our team of experienced insurance agents today, and get the flood insurance your property needs!