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Are you required to carry flood insurance?

According to FEMA, a flood is an inundation of two or more acres of land, or of two or more properties (at least one of which is the policyholder’s property) from an overflow of inland or tidal waters; or accumulation of surface waters from any source; or mudflow; or a collapse of land along a shore, as a result of erosion, waves, or water currents. I know. That’s really boring stuff, but if you want to protect your pocket, it’s important to know it.

So, regardless of how full of water your property can get, if it’s not two or more acres of land, or you don’t have an extra property, don’t even bother trying to contact FEMA in the event of flooding. What they say trumps common sense or logic. That said, if you received federal financial assistance, you are required to carry flood insurance, regardless of whether the assistance was received directly or indirectly from the federal government.

Now, let’s back up a minute. “I haven’t received any government assistance, so why do I have to carry flood insurance?” That’s where the Federal Reserve comes in. In layman’s terms, they regulate and provide loans to banks and credit unions in the United States, so if you have a mortgage on your property, you gotta carry flood insurance. Bummer, right?

This also means that if you’re one of the lucky people who owns their property outright, and you’re still paying for expensive flood insurance premiums, today may be your lucky day. Even if you’re in a designated Flood Zone, such designation is not necessarily the gospel when it comes to making an ultimate determination that you have to keep making monthly insurance payments.

To help you out, you have to know the right kind of geek who can accurately conclude whether your property is truly located in a Special Flood Hazard Area or in a low-risk zone, and if it’s in the latter, you get to save substantial amounts of money. National Flood Experts can make this assessment for free (yes, for FREE); and if it turns out you’re wrongly zoned, then you can hire us to fight it. It really is that simple.

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