FLOOD INSURANCE

The National Flood Insurance Program is a federally sponsored insurance program which provides a maximum flood coverage limit of $250,000 on single family dwellings, two to four family dwellings and condo units. The maximum coverage limit on contents is $100,000. The coverage can be purchased through insurance agents such as William Pitt Insurance. Coverage is written through local insurance companies who collect the premium and pay claims for the National Flood Insurance Program.

The premium is based on the flood zone. Zones are determined by the army corp of engineers and plotted on flood maps which are available for inspection in town halls. Homes built prior to the date your town became eligible to participated in the flood insurance program can be manually rated when the flood zone is known. Homes built after your towns eligiblility date or substantially renovated or added to after the eligibility date will require a surveyors flood elevation certificate for the zones described in sections 2 & 3 below.>

The flood zones can be categorized as follows:

1) A99, B, C & X - are zones of minimal flooding potential but are still categorized as potential flood areas. This may be a home near a stream or near the sound but considerably elevated. Premiums in these zones are the lowest with $250,000 of building coverage costing in the $400 to $650 range annually based on current rates. Homes in these zones may also be eligible for a preferred risk policy at a significant discount.

2) A, AE, A1-30 AO, AH& D - are areas subject to more flooding potential. This may include areas near the sound but with some modest elevation and not subject to direct impact of wave damage. This would also include areas near rivers, streams etc., with more significant chance of exposure to flooding. Premiums in A zones with $250,000 of building coverage in the $650 to $1050 range based on current rates.

3) V, V1-30 & VE - are areas of direct exposure to not only flooding but also wave wash. These areas do not have significant enough elevation to merit the A zones described above. Premiums in these V zones with $250,000 of building coverage in the $1000 to $2050 dollar range. The low end premium being those homes without a basement and the high end premium being those homes with a basement.

All premiums can be reduced with a credit for higher deductibles. The above rates are based on a range of deductibles. The minimum deductible is $750 except for the first category which has a $500 minimum. The maximum deductible is $5000 for dwelling coverage. Coverage for contents other than in the basement can be added for an additional premium. The maximum contents limit is $100,000.

If you have any questions or need flood insurance for your home, condo or rental feel free to call William Pitt Insurance Services, Inc. at 203-425-2030. or SEND US AN EMAIL