Knowing when and how to get flood insurance coverage

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Several counties are already seeing flooding in their area and with rain in the forecast that threat is becoming even more widespread.

WJTV 12’s Margaret-Ann Carter spoke with an insurance agent about the pros and cons of flood insurance coverage.

Flooding is the number one natural disaster in the country devastating thousands of families every year. 

Many people don’t know flood insurance isn’t covered under their homeowner’s policy leaving them open to paying thousands out of pocket if they fall victim.

“Just because you’re not next to a body of water, that has you thinking, it still can happen to you. It can be a flash flood, it can happen to you, and you just want to be smart,” Preston Derivaux with Derivaux State Farm Agency explained.

Preston Derivaux says every home is going to have different variables that could contribute to flooding, and the federal government has what they consider high risk, but ultimately the homeowner decides what kind of coverage they want.

“Lots of variables go into the cost it’s going to be how much coverage you want, your deductible, your location of your residence, how high and elevated your property is to a particular flood area,” Derivaux said.

If you’re thinking about getting flood insurance, it’s important to remember there’s a 30 day waiting period and several factors to consider.

“It’s not going to be like a package flood insurance, typically you build your own policy, you have separate building coverage, you have separate property, maybe separate coverage on your garage, your basement could be an issue,” he listed.

Derivaux says you can also protect yourself by planning an exit strategy during heavy rain, taking pictures of everything you own, and if you’re expecting flooding move your things to an elevated surface.

Derivauz says if you’re in a high risk flood zone, many mortgage companies will be required to request flood insurance.

He suggests consulting with your insurance agent to determine what’s best for you.

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