Michigan Homes May Need Flood Insurance Protection

Michigan flood insuranceMichigan Flood Insurance is needed in a floodplain

You need Flood insurance if you are in high-risk, flood-prone area. The federal government provides Flood insurance 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.

Michigan homeowners policies do not provide flood insurance coverage. Many people believe the federal government will help them recover from a flood. However, most floods are too small to qualify for federal assistance. Even if the flood is qualified, the amount the person receives or can borrow is not enough to cover all of your losses. The assistance provided by Fema is in the form of a low-interest loan which must be repaid and can cause 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 the date of purchase before a new flood policy goes into effect. Here are the only exceptions:

  • The lender requires flood insurance in connection with the making, increasing, extending, or renewing of your loan.
  • A Map revision requires an additional amount of insurance.
  • Your lender determines that your loan that does not have enough flood insurance coverage.
  • Your policy renewal requires an additional amount of insurance.

Many insurance companies that sell home insurance in Michigan also sell flood insurance. Your home insurance agent can give you information on the coverage and the cost of the flood policy. 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 can provide additional strategies that you can use to protect your property from flood damage.

The full years premium is required unless your agent or company provides that independently. The National Flood Insurance Program accepts check and credit card payments and the coverage is effective when the full payment is received.

Michigan Flood Insurance policy coverage:

Physical damage to your building or personal property “directly” caused by a flood is covered by your flood insurance policy. Damages caused by a sewer or drain backup are only covered if the backup is caused by flooding. If the backup is caused by some other problem, the damages are not covered.  A complete summary of what is covered by The National Flood Insurance Program can be found under the highlighted link.

Michigan Flood insurance coverage agent:

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

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