Cover photo of a flooded palm tree blowing in the wind

Why Should I Renew My Policy?

Just because you haven’t experienced a flood doesn’t mean you never will.

Continuous coverage gives you uninterrupted protection.

Floods can happen anytime, anywhere — to anyone.

An afternoon storm or backed-up storm drains could bring inches of water into your home and cause thousands of dollars in damage to walls, floors and furniture.

Having a policy in force could save you money.

Flood risk often has a lot to do with how much you pay for your flood insurance policy. Most policyholders living in areas where the flood risk has increased and where FEMA has issued a new Flood Insurance Rate Map may renew at a rate based on their previous flood zone. This Newly Mapped Procedure allows policyholders to continue paying a lower price for their flood insurance policy based on the prior flood map for one additional year after the new flood map is issued. After the first year, policyholders will see rate increases not to exceed 18 percent per year. They are “grandfathered” in at the lower zone designation. For more information about map changes and grandfathered rates, review the fact sheet Map Changes and Flood Insurance: What Property Owners Need to Know.

Letting your policy lapse could cost you money.

Thumbnail depicting a storm blowing in over a field

Keep in mind, if you ever allow your flood insurance policy to lapse once for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate (EC), and you may no longer be eligible for any discounted rate you were previously paying. In recent years, legislation has changed, and grandfathered rates are slowly increasing; a policy lapse could force the discounted rate to increase instantly to the full-risk rate.

Protect your investment — your bank expects you to.

If you live in a high-risk area and have a loan from a federally-regulated or insured lender, you are required to renew your flood insurance. When you purchase a home, you accept liability for any damage—from fire, wind, hail, theft or flooding—that may occur while you live there.