Floods are among the nation’s most common natural disasters, but homeowner insurance policies will not cover damage deemed to be caused by a flood. Gate City Insurance Agency can help protect your investment with a flood insurance policy.
Flood insurance is provided by either the National Flood Insurance Program (NFIP) or private insurance companies. Coverage under the NFIP is administered by the Federal Emergency Management Agency (FEMA) and underwritten by the federal government. Coverage through private insurance companies is administered and underwritten by the insurance company.
If you would like to speak with an insurance advisor with Gate City Insurance Agency to learn more, please call 701-293-2575.
No. Flooding is excluded from home insurance policies, but may be purchased through a separate flood insurance policy.
A flood insurance policy can cover the building, contents or both. These coverages are indicated in your individual insurance policy declarations, and there may be exclusions and limitations within a flood insurance policy. You should speak with your insurance provider to understand the full terms of your flood insurance policy to know what is and isn’t covered.
If you are in a high-risk flood zone, your mortgage loan would require flood insurance.
In most cases you can purchase flood insurance for your property, but eligibility depends on the community where you live. If a moratorium is issued, that means no policies will be able to be purchased after that time and coverage on existing policies cannot be increased. Talk with your insurance provider to learn more about your options.
There is often a 30-day waiting period after purchase before coverage takes effect. Speak with your insurance provider to find out more.
There are a number of resources available to learn more. One source of information is floodsmart.gov.
NOT A DEPOSIT | NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY | NOT GUARANTEED BY GATE CITY BANK | MAY LOSE VALUE