Michigan flood insurance

If you are in a flood zone, you will need Michigan Flood Insurance

Michigan Flood insurance is mandatory if your property is in a high-risk area. The Federal Government offers flood insurance coverage for both property and contents. You can find a list of companies that can determine your flood zone and whether you need flood coverage on  FEMA’s website.

Michigan homeowner’s policies do not provide flood insurance coverage. Most people assume the Federal Government will help them recover from floods. Still, the fact is that most floods need to be more significant to qualify for Federal assistance. Even if you qualify, you may need more than the amount you receive or borrow to cover all your losses. FEMA provides support through a low-interest loan you must repay, which can cause further hardship.

If your property is located in a low area or near a river or lake, you may be concerned about the need for flood insurance. If your mortgaged home is in a designated zone, your mortgage company will require you to have flood insurance. To find out if you are in a designated flood zone, contact your local township office, building official, city engineer, or planning and zoning administrator. The Federal Emergency Management Agency also produces flood rate maps available to agents and interested individuals.

Michigan Flood Insurance may have 30-Day Waiting Period

Michigan Flood Insurance policies may have a 30-day Waiting Period. There is typically a 30-day waiting period from the date of purchase before a new policy goes into effect. However, the following are exceptions to this rule:

  • 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 if your loan needs flood insurance coverage.
  • Your policy renewal requires an additional amount of insurance.

Many companies that sell homeowners insurance in Michigan also sell flood insurance. Your agent can provide you with information on the coverage and cost of the flood policy. However, the premium should remain the same among companies since the Federal Government sets it, which is the same for all agents. An agent can also provide additional strategies that you can use to protect your property from flood damage.

You must pay the full-year premium unless your agent or company provides otherwise. The National Flood Insurance Program makes the coverage effective when the full payment is received.

What do Michigan Insurance policies cover?

Regarding Michigan Insurance policies, your homeowner’s insurance policy does not cover water damage to your building or personal property. Sewer or drain backups will only have coverage if the backup is from flooding. There is no coverage for damages if another problem creates the backup. For a complete summary of what is covered by The National Flood Insurance Program, click on the highlighted link.   For more information on How to prevent sewer backups from flooding your basement.

Michigan agent contact info:

Finally, if you need a Michigan flood insurance Quote go online or contact an agent at 248-277-4505.