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Floating Objects under water

Flood Insurance

Flood Insurance Retcho Insurance Agency Closter New Jersey

flooded basement

For those moving to the Closter, NJ area, owning a home is a great investment option. If you decide that you would like to buy a home here, the best way to protect your investment is with the right insurance plan. A type of coverage that you may need is flood insurance. There are various reasons why having a full flood insurance policy will be a good idea for property owners in this part of New Jersey.

Floods can happen anywhere – just one inch of floodwater can inflict up to $25,000 in damage. Flood damage is typically not covered by homeowner's insurance. Protecting your most valuable financial assets, such as your house, place of business, and possessions, is vital because flood insurance is a separate policy that can cover buildings, the contents of a building, or both.

We offer flood insurance to business owners, tenants, and property owners, and having this protection enables them to recover more quickly after a flood.  

Flood insurance is accessible to anyone residing in one of the 23,000 participating NFIP areas. Flood insurance is compulsory for properties and companies in high-risk flood zones that have mortgages from government-backed lenders.

Please be advised, FEMA retains responsibility for underwriting flood insurance coverages.

Protect Home Against Flood Risks

A key reason you should have a flood insurance policy for your New Jersey home is to protect your property against flood risks. If a flood damages your home, the impact can be very significant, and the remediation costs will be quite costly, just one inch of floodwater can inflict up to $25,000 in damage. Fortunately, you can mitigate this risk by obtaining a proper flood insurance policy that will ensure you have the coverage needed to make these repairs. Moderate flood zone insurance premiums are usually very low and can provide you with a piece of mind.

flood insurance policy

Comply with Requirements

It is also good to have a flood insurance policy to comply with requirements. If you have a mortgage, your lender will run a flood search on your home through NFIP database. If it is deemed that you are in a 1-percent(AE) annual chance flood zone, they will require you to carry flood insurance. In many cases, they will need to approve your policy and have you escrow payments each month. 

Unless the flood coverage is mandatory, purchased as required by a federally backed lender, or tied to a community flood map revision, there is normally a 30-day waiting period before an flood insurance takes effect. 

As you are looking to purchase a home insurance in Closter NJ area, it is vital that you carefully assess your insurance needs. When you call the team at the Retcho Insurance Agency in Closter, you can receive customized support to evaluate your needs and options. Our insurance agents in Closter can help you determine if having a flood insurance plan is right for your situation. This can help ensure you are able to build a plan that will adequately mitigate the flood risks with your home. Contact our office to get started.

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