Flood Insurance Archives

Flood Insurance on the Eve of Hurricane Season: We’ve Got You Covered.

We’ll say a reluctant “hello” to hurricane season June 1. Are you ready? Cross an item off your “Hurricane Preparation To Do” list by calling Wallace Welch and Willingham for advice. We offer multiple types of Private Flood and NFIP policies. Which one is right for you – and do you really need flood insurance? Let’s talk.

What is a flood, exactly?

Generally, insurance carriers define flooding as a “rising and overflowing of a body of water onto normally dry land.” For insurance purposes, the word “rising” in this definition is the key to distinguishing flood damage from water damage.

How are Flood Zones determined?

Developing a flood map is a complicated process done by the NFIP (National Flood Insurance Program) under the strict supervision of the Federal government. The development of flood maps is crucial for communities to plan infrastructure and to prepare for the worst-case scenario Mother Nature may bring.

Who is at risk for a flood?

Everyone! Don’t think you are only at risk for a flood if you are located within a flood zone. More than 20% of flood claims come from homeowners living in low to moderate flood zones. Flood is one of the most common natural disasters, and Florida homes are frequently at or below sea level. No one is truly exempt from the possibly extensive damage a flood may cause.

How do I find a flood policy?

This part is easy. Protection is a quick phone call away. Contact Wallace Welch and Willingham at 727-522-7777.

Don’t pay your flood insurance renewal payments late!

June 22, 2016 By Doris Sova

Flood Payment Due Now it is more important than ever that your NFIP flood policy renewal payment is received on time*. If your payment is late, your premium could be adversely affected.

For all renewals effective April 1, 2016, the following rules have been added by the National Flood Insurance Program (NFIP):

For properties in special flood hazard areas (flood zones beginning with an A or V) that are currently rated with subsidized rates (no elevation certificate is used for rating), OR being rated under the Newly Mapped Program may lose their subsidized rates or Newly Mapped rates when the renewal payments are received as follows:

If the premium payment is received after the 30-day grace period, but within 90 days following the expiration date on or after April 1, 2016:

1^st time, the policy will be reinstated and the effective date will be 30 days from the date the insurer receives the payment (no change to rating).
2^nd time, the policy will no longer be eligible for subsidized rates or the Newly Mapped rates. The effective date will be 30 days from the date the insurer receives the payment and a new application and/or an elevation certificate may be required to rate the policy.

If the premium payment is received more than 90 days after the policy expiration date, the policy will no longer be rated eligible for subsidized rates or with the Newly Mapped rates and a new application and elevation certificate will be required and the standard waiting period for new business will apply.

The above rules apply to flood premiums whether paid by you or your lender. Therefore, it is important that your renewal payments are made timely. If your lender pays your renewal premium, verify that your loan number and lender are correct and your payment has been processed.

Keep on top of flood insurance renewal payments—we want to help you stay safe and pay less.