It is hurricane season again and it is time to talk about flood insurance. At this time of the year many clients want to discuss what their hazard policies cover in the event of hurricane damage. It’s important to stress to clients that flood coverage is not included in a standard hazard policy and must be purchased separately.
Hazard policies do cover for water that enters a property through an opening created by wind, but not for rising ground water from heavy rain, or water that overflows from a lake or river. Flood insurance applies to that area-wide flooding, covering multiple properties.
FEMA (Federal Emergency Management Agency) regulates flood insurance policies. Insurance agents sell flood insurance policies, but regardless of the…
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