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Learn More About New Jersey Private Flood Insurance
New Jersey Flood Insurance Rates
You can’t earn the nickname of the Garden State without a little rain to feed those gardens. With nearly 50 inches of rain each year and 130 miles of coastline, flooding can be a big risk in New Jersey. Coastal Insurance can help you choose the right coverage to protect your home. Here’s what you’ll need to know about flood insurance in NJ.
Compare Flood Insurance Options in New Jersey
For years, the National Flood Insurance Program (NFIP) was the primary way of insuring NJ homes against flooding. However, a number of companies have started offering private market coverage and, in many cases, these policies may be more affordable or may offer broader coverage.
You can count on the flood insurance experts at Coastal Insurance to guide you through your options and help you understand how your coverage can better protect your NJ home. From Strathmere, gracing Cape May County’s scenic shoreline, to Tenafly, overlooking the historic Hudson, you can count on us to help you get the right flood coverage.
Just reach out to learn more and compare quotes customized for your New Jersey home. Your home’s location can be a factor in choosing coverage but it’s also essential to consider the best way to protect your home overall — including high-value homes. Coastal Insurance can help you assemble the best flood protection package.
Who needs flood insurance in New Jersey?
Typically, if you have a home in a high-risk area for flooding, your mortgage lender requires a flood policy. Now that more insurers have entered the flood insurance market, it’s also important to be sure your flood policy is accepted by your lender. The team at Coastal Insurance can help you sort out the details and be sure your policy complies with lender requirements.
New Jersey’s 130-mile coastline only tells part of the story, particularly since much of the coast is lined by barrier islands backed by bays and marshlands. Some areas face greater risks from surge, while others face greater risks from rising water. Flanked by the Atlantic and Hudson on the East and the Delaware Bay and Delaware River to the South and West, NJ is a water lover’s paradise, but the state also faces many flood risks.
However, even when lenders don’t require flood coverage, buying a policy is often a wise choice. Your home is a significant investment and standard home insurance policies don’t offer coverage for flood-related damage. The good news is that flood insurance rates are even more affordable for areas with a lower risk of flooding. This makes choosing the right flood coverage a wise choice that won’t break your budget.
What’s covered by flood insurance?
In some ways, you can think of your flood policy as an extension of your home insurance coverage. Your flood policy protects your home against specific flooding risks that standard home insurance policies don’t cover. Your home insurance policy can protect your home if you have a burst pipe or an accidental water overflow, but it can’t help if the water in your home came from an overland flood.
A flood insurance policy protects your home against overland flooding as well as some related risks. Just as importantly, your flood policy can protect your belongings as well. But it’s important to choose the right policy. For example, NFIP policies may have coverage gaps — particularly for high-value homes or homes with valuables. In some cases, it may make sense to pair your coverage with an excess policy or explore coverage with private market insurers.
The flood experts at Coastal Insurance can guide you through your options so you can choose the best flood insurance package for your NJ home.
Is there a waiting period for flood insurance in NJ?
The National Flood Insurance Program requires a 30-day waiting period before your coverage takes effect. In flood-prone areas of New Jersey, a month is a long time. Some private market insurers offer a shorter waiting period, which means your home can be protected sooner. In lower-risk areas, a 30-day wait may not be a big concern. However, you can often cut your wait time by choosing a private market flood policy. Just reach out to the flood insurance professionals at Coastal Insurance to learn your options so you can get covered sooner.
New Jersey flood insurance payment options
Did you know you can pay your flood insurance premiums as part of your mortgage? This structure makes payments easy and spreads out the cost of flood coverage. Flood insurance policies are usually full-year policies but, in many cases, your mortgage lender can escrow your policy premium, making flood insurance easy to buy and easy to maintain.
Why Coastal Insurance for flood insurance?
A complete home insurance package looks at the big picture but also examines how well your policies fit together. Gaps in coverage can be costly if the unexpected happens. At Coastal Insurance, we’re an independent agency. This means we can offer a broad selection of products and customize your coverage to your specific needs. Being an independent agency also means we aren’t limited or beholden to any insurer. We offer a selection that’s difficult to find elsewhere and the expertise to know which coverages and options are essential to fully protect your home.
Reach out today to discuss the best ways to insure your home and protect your family. Effective coverage may be more affordable than you think.
Helpful Flood Insurance Articles
4 min read. September, 29, 2021 – by David Clausen Although several new private market flood insurers have entered the market in recent years, FEMA’s National Flood Insurance Program (NFIP) still serves as the base policy for most homes insured for flooding. The...
Flood insurance rates are increasing soon for some homeowners, but there’s still time to act. Many homeowners carry flood insurance through the National Flood Insurance Program (NFIP). But private market insurers now offer an attractive choice when buying flood...
Flood insurance is often an afterthought, or an option waved off by homeowners when purchasing insurance coverage for their home. However, every year, the National Flood Insurance Program (NFIP) pays nearly 25% of its claims on properties in low risk areas. Nature is...