Flood Insurance in Edgemere, MD and Nottingham, MD
Protecting Maryland Residents Against Flood Losses
As a home or condo owner in Maryland, you may think your homeowners insurance has you covered from most natural disasters; unfortunately, it doesn’t. The majority of people living in the U.S. don’t live in areas where flood damage is likely to occur. However, for a large number of state residents, flood insurance is a must. And in many cases, even if you live away from the coast, it is better to be safe than sorry.
At Fred Meyer & Sons Insurance Insurance Agency, we know you’ve invested a lot of time and money in your personal property and keepsakes. A flood insurance policy will cover the cost of replacing your valuables from any flood-related damage.
Flood insurance is available through the federal government’s National Flood Insurance Program, although it’s a better bet to purchase a flood insurance policy from the same agent or company who provides you with your home insurance. Here’s why: your agent or current insurance company can provide much higher limits of coverage than the NFIP, especially if your loss proves to be catastrophic. There is usually a 30-day waiting period before this type of insurance becomes valid. Additionally, there was recent legislation passed that would allow NFIP rates to be increased by as much as 18%.
Whether you decide to purchase a flood policy through the government program or from one of our providers, our agents will help you make sense of your coverage options. We will help you keep your premiums manageable while ensuring you have the level of protection that you need.
Types of Flood Policies
The two most written types of policies for flood insurance for homeowners are "Standard" and "Preferred Risk" policies.
The Standard policy is issued to those whose property is located in a Special Flood Hazard Area as determined by FEMA flood maps, and may come with special requirements based on your mortgage.
For those not residing in a Special Flood Hazard Area, you may be eligible to purchase a Preferred Risk Policy. Since flood hazards are lower, the premiums for these types of policies are much less than on Standard Policies.
However, being in a Special Flood Hazard Area doesn't always mean your coverage will be costly, and not living in a SFHA does not mean you do not need flood insurance. Contact us at Fred Meyer & Sons Insurance today and we will be happy to answer all of your questions and help you find the policy that best suits you.