Flood insurance is very important for homeowners, renters, and business owners throughout the state of New Jersey. Flood risks aren’t limited to coastal regions. More importantly, they aren’t limited to areas that have flooded in the past or are known flood risk areas. This is one type of insurance coverage that everyone can benefit from.
The rules of flood insurance are changing, though. Johl & Company independent agents can help you determine the right type of flood insurance to meet your needs, your budget, and to protect your property.
A Recent History of Flood Insurance
Until the Homeowner Flood Insurance Affordability Act of 2014, New Jersey homeowners, renters, and business owners were paying considerably less for their flood insurance. The changes in the law brought about increases of up to 25 percent in flood insurance premiums. Hardest hit were business owners or those insuring second homes or vacation properties.
It’s not so much that the rates are rising as it is that the subsidies that kept those rates artificially low for well over a decade are going away.
It is important to note that the rate changes mentioned above, refer to rates for households and businesses enrolled in flood insurance through the National Flood Insurance Program (NFIP).
Despite these rate increases, the NFIP remains the wisest choice for many home owners. But not for all. Some are faced with important decisions about whether or not to continue purchasing their insurance from the NFIP or pursuing other options when it comes to a flood policy.
This is why it’s so important to work with an independent insurance agency, like Johl & Company. We have your best interests at heart. We’re not here to sell you any policy. We’re here to help you identify the right policy for your situation right now – and to help you make changes in coverage you need as your situation changes over time.
Do You Really Need Flood Insurance?
As we’ve already discussed, you don’t have to live anywhere near the ocean to need flood insurance. Most people think of flooding in association with storm surge from hurricanes or rivers rising from long-term heavy rainfall. The truth is that floods can strike practically anywhere with little or no notice. More importantly, common New Jersey events have been known to cause their fair share of floods over the years, including the following:
- Tropical Storms and Hurricanes
- Snow Melts
- Heavy Rainfall
- Backed up Storm Drainage
- New Housing Developments
- Spring Thaws
- Ice James
- La Nina
- El Nino
The problem is that it takes nearly 30 days for flood insurance to go into effect – unless you’re purchasing or refinancing your home. This means that waiting until a flood seems eminent is waiting until it’s too late.
There are simply too many potential causes of floods to ignore the risks. We can help you get the protection you need and discuss things you can do, such as elevating homes in coastal regions to mitigate those risks.
Why Consult Johl & Company for Flood Insurance?
Whether you purchase flood insurance through the NFIP or purchase a private flood insurance plan, Johl & Company can help facilitate the process and provide expert advice and guidance about what’s the right choice for you. We’re here to help you from the purchase of the policy to filing necessary claims as they come along.