Wright Flood Insurance Review: Get Smart About Flood Insurance

Wright Flood Insurance Review: Get Smart About Flood Insurance

For more than 30 years, Wright Flood Insurance has been the top provider of National Flood Insurance Program (NFIP) policies in the nation. Our agents have dedicated their lives to helping restore families and communities after floods and disasters.

The NFIP, through federal flood insurance, aims to drastically reduce the impact flooding events have on communities like yours. With that directive in mind, the staff at Wright Flood Insurance review constantly different ways to help achieve this goal, including excess and private flood insurance options.

Wright Flood agents believe that as a home or business owner, the more you learn about flood insurance, the more likely you are to protect your family and your community. In coordination with the Federal Emergency Management Agency (FEMA), Wright Flood and our agent partners strive to educate consumers on the importance of flood insurance coverage.

If you’re interested in learning more about flooding, how it can affect your family, and how you can protect your home and community, check out these facts from FEMA’s website.

I Don't Have Flood Insurance. Why Do I Need It?

FACT

Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year.

FACT

Floods can happen anywhere–More than 20 percent of flood claims come from properties outside the high risk flood zone. Check out The Big Cost of Flooding.

FACT

Homeowners and renters insurance does not typically cover flood damage.

FACT

Flood insurance can pay regardless of whether or not there is a Presidential Disaster Declaration.

FACT

Most federal disaster assistance comes in the form of low-interest disaster loans from U.S. Small Business Administration (SBA) and you have to pay them back. FEMA offers disaster grants that don’t need to be paid back, but this amount is often much less than what is needed to recover.

A claim against your flood insurance policy could and often does, provide more funds for recovery than those you could qualify for from FEMA or the SBA–and you don’t have to pay it back.

FACT

You may be required to have flood insurance. Congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding.

But even if your property is not in a high risk flood area, your mortgage lender may still require you to have flood insurance.

Flood Insurance Coverage

I Have Flood Insurance – Do I Really Need to Keep It?

You realize your flood insurance policy is about to expire and you’re on the fence about renewing: It hasn’t flooded in your area in years (or ever). And you really could use that extra money to buy something you really want.

But wait!

DON’T. RISK. IT.

FACT

Flooding is the most common natural disaster in the United States, affecting every region and state, including yours.

FACT

Flood insurance can be the difference between recovering and being financially devastated.

FACT

The damage from just one inch of water can cost more than $20,000. Check out The Big Cost of Flooding.

FACT

You can file a flood claim even if there is not a Presidential Disaster Declaration.

FACT

Flood damage is not typically covered by homeowner’s insurance.

FACT

No home is completely safe from potential flooding devastation—why risk it?

FACT

Too often, Americans are caught off guard by the emotional and financial costs of flood damage.

FACT

Storms are not the only cause of floods. Flooding can be caused by dams or levees breaking, new development changing how water flows above and below ground, snowmelt and much more.

FACT

You may be required to have flood insurance. Congress has mandated federally regulated or insured lenders to require flood insurance on mortgaged properties that are located in areas at high risk of flooding.

But even if your property is not in a high-risk flood area, your mortgage lender may still require you to have flood insurance.

FACT

If you allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate (if you don’t have one), and you may no longer be eligible for policy rate discounts you might have been receiving prior to the policy lapse.

It’s important to talk with your insurance agent before canceling or not renewing the policy.

FACT

If you live in a high-risk flood zone, and you’ve received federal disaster assistance in the form of grants from FEMA or low-interest disaster loans from the U.S. Small Business Administration (SBA) following a Presidential Disaster Declaration, you must maintain flood insurance in order to be considered for any future federal disaster aid.

Who Can Buy Flood Insurance?

If you are a renter or homeowner (residential policy); or business owner (non-residential policy) and your property is located in a NFIP-participating community, you can purchase a policy. Contact your insurance agent to find out if your community participates in the National Flood Insurance Program.

Flood insurance from the NFIP is only available in participating communities. Ask your agent if your state and community participate, or look it up online in the Community Status Book.

How Can You Buy Flood Insurance?

If you’re interested in purchasing flood insurance to keep your home and community safe, call 866-373-5663 to speak to a local Wright Flood Insurance agent.

Wright Flood Resource Center

Welcome to the Wright Flood Resource Center! Stay up to date as our team of Wright Flood insurance experts share invaluable insights, review the latest flood news, explain all the basics you need to know, and more.