If you are looking to purchase flood insurance in San Antonio, TX, you can purchase it through an agent or insurer participating in the National Flood Insurance Program, such as LeapFrog Insurance. You aren’t able to purchase a policy directly from the NFIP or the government on your own.
There aren’t any restrictions on who can purchase a policy. You don’t need to live in a high-risk area of a floodplain in order to purchase a policy. However, due to the cost of the policy, many of those who purchase flood insurance are those who live in a high-risk area.
Buying Government Flood Insurance: If you are purchasing through an agent with the NFIP, premiums will be the same no matter what agent or insurer you are going through. Rates are determined by the NFIP and will depend on different predetermined factors, such as the year your property was built, the value of the property, and the flood risk. Even though there isn’t a rate variation for the same properties, you want to work with an insurer you feel comfortable with if you ever have to file a claim. When you sign up for coverage, it won’t go into effect until 30 days after you sign up. You shouldn’t wait until you need the policy to purchase it. The coverage is reliable but it’s important to note that it won’t cover additional living expenses if you are displaced after a flood.
Buying Private Flood Insurance: Some insurers have also started to sell insurance that is separate from the NFIP. These premiums could be less or more expensive than other insurance options, depending on how much insurance you want for your home. Some of the pros can be higher claim limits available and a shorter waiting period, but there are some risks associated with these policies and they’re not available to everyone.
Contact LeapFrog Insurance, serving San Antonio, TX, to get a quote on flood insurance.