Hurricane Sandy made us all far more aware of the need for flood insurance in South Jersey. Federal Law requires anyone who owns a property in a flood plain and has a mortgage to have flood insurance. However, while your property may not lie in a flood plain, you may still be at a risk for flooding. Floods are often caused by storms, hurricanes, dam or levee failure, melting snow, or water backup caused by blocked drains. Purchasing flood insurance protects your home in the event of any of these disasters. There is a 30-day waiting period after payment is received before your flood coverage takes effect.
The National Flood Insurance Program defines “flood” as:
A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder’s property) from:
- Overflow of inland or tidal waters
- Unusual and rapid accumulation or runoff of surface waters from any source
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.