Although it’s important to ask this question, there are generally no discounts for flood insurance coverage because the Federal Emergency Management Agency (FEMA) provides flood zone maps that establish insurance rates. Insurance companies do not set these rates. Once an area, or community, has its flood risk zone established and rates established by FEMA, all insurance companies that offer this type of insurance provide coverage at the same price.
Insurance that covers floods is a unique type of insurance. Having an experienced agent is critical because he or she will be in a better position to assess a purchaser’s insurance needs and structure a policy to protect the purchaser’s real and personal property.
A potential customer of an insurance company can easily find out how many, and the extent of, complaints against the insurance company. The customer may contact the state department of insurance or the local Better Business Bureau to determine the customer complaint rate. The company also may be a resource for finding the customer complaint rate.
Several resources are available to determine if a house is in the flood plain. The Federal Emergency Management Agency’s website provides insurance rate maps, which show the flood risk for communities across the United States. A property address or community name is all that is needed to determine if a home is in a flood plain. Local governmental offices and a homeowner insurance agent also can determine if a house is in a flood plain.
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