Michigan Homes May Need Flood Insurance Protection

Michigan flood insuranceMichigan Flood insurance is required if you are in a flood plain

Flood insurance is generally required in high-risk, flood-prone areas, flood insurance is issued by the federal government and provides coverage for both property and contents.

List of companies that can determine what flood zone you are in and if you need flood coverage can be located at FEMA’s website.

Flood damage is not covered under a homeowners policy. Many people believe the federal government will help them recover after a flood. However, most floods are too small to qualify for federal assistance. Even if the flood is qualified, often the amount the person receives or can borrow is not enough to cover all the losses. In many cases, the assistance is in the form of a low interest loan which must be repaid and causes further hardship. If you are a property owner whose property is in a low area or near a river or lake, you may be concerned that you need flood insurance. Or perhaps your mortgage company may require you to purchase flood insurance if your mortgaged home is located in a designated flood zone.

You can find out if you are in a designated flood zone by contacting your local township office, building official, city engineer, or planning and zoning administrator. The Federal Emergency Management Agency also produces flood rate maps and makes them available to agents and other interested individuals.

Michigan Flood Insurance may have 30-Day Waiting Period

There is typically a 30-day waiting period-from date of purchase-before a new flood policy goes into effect. Here are the only exceptions:

  • If your lender requires flood insurance in connection with the making, increasing, extending, or renewing of your loan.
  • If an additional amount of insurance is required as a result of a map revision.
  • If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected.
  • If an additional amount of insurance is being obtained in connection with the renewal of a policy.

Many insurance companies that sell home insurance in Michigan also sell flood insurance. Your home insurance agent can help you determine if you need this type of insurance, how much you need, and what it will cost you. However, the cost should not vary among companies because the federal government sets the premium. The premium will be the same no matter what agent you purchase the policy from. An agent may also be able to provide additional strategies that you can use to protect your property from flood damage.

Payment must be made for the full year’s premium, unless your agent or company provides that independently.The National Flood Insurance Program accepts check and credit card payments and coverage will not be effective until full payment is received.

Michigan Flood insurance coverage availability:

In Michigan click link to be connected to a local Michigan flood insurance agent online or an agent can be reached at 248-888-1134.