Some of our staff is working remotely from their homes. We are committed to continuing to provide the service you have come to expect, and will still be answering phone calls and responding to emails in a timely manner.
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
JMG Insurance Corp Logo

JMG

Personal, Business & Specialty Insurance Brokerage

Our Locations 1-844-304-7332
  • Personal
    • Auto Insurance
    • ATV Insurance
    • Boat & Yacht Insurance
    • Motorcycle Insurance
    • RV Insurance
    • Snowmobile Insurance
    • Flood Insurance
    • Homeowners Insurance
    • Rental Property Insurance
    • Renters Insurance
    • Umbrella Insurance
  • Business
    • Business Owners Policy
    • Auto Insurance
    • Flood Insurance
    • Errors & Omissions Insurance
    • General Liability Insurance
    • Workers Compensation Insurance
  • Life And Health
    • Client Services
    • Compliance
    • Employer Benefits
    • Individual Life and Health
    • Medicare
    • Student Accident & Specialty Coverage
    • Travel Insurance
  • Specialty
    • Car Wash Insurance
    • Commercial Marine Insurance
    • Condominium Insurance
    • Construction Insurance
    • Contractors Insurance
    • Cyber Liability Insurance
    • Franchise Insurance
    • Garage Insurance
    • Habitational Insurance
    • Homebuilders Insurance
    • Limo Insurance
    • Non-Profit Organizations
    • Pool & Spa Contractors Insurance
    • Public Transportation Insurance
    • Rage Room Insurance
    • Restaurant Insurance
    • Retail Insurance
    • School Accident Insurance
    • Special Event Insurance
    • Sports Insurance
    • Woodworkers Insurance
  • Surety
  • Certificates
    • CSR 24 Login
    • High Volume Certificate User
    • Indemnity Agreements
  • Claims
    • First Notice of Claims
  • About
    • Blog
    • Contact
    • Our Companies
    • JMG and SAN Network Partnerships
      • AllKane Insurance
      • SAN Network Partnerships
      • Baio Insurance
      • Beacon Insurance
      • Burlington Insurance
      • Frazao Insurance
      • Lambert’s Insurance
      • Max Fitelson and Son
      • Premier Insurance
      • Rabbett Insurance Agency
      • Svendsen Insurance
      • Westport Insurance Center
    • Testimonials
  • Client Login
  • Make a Payment

Do I Need Flood Insurance?

Request a Quote! An insurance quote does not impact your credit score.

Request a Quote

August 23, 2021 by JMG Insurance Corp

Whether you’re a homeowner or a business owner, it’s important to have at least basic protection against certain risks and liabilities. Therefore, you will likely be recommended to purchase either homeowners’ insurance or commercial property coverage. However, these types of policies don’t generally include flood coverage.

This is especially noteworthy because, according to Policygenius, 90% of natural disasters in the United States involve a certain amount of flooding, and 98% of all counties are affected by flooding. You may have wondered at some point whether you need this form of insurance if you live in an area that isn’t prone to flooding. Here is a close look at this subject.

Who Is Required to Carry Flood Coverage?

Flood insurance is only legally required in specific cases. Nevertheless, you should strongly consider buying a policy regardless of where your property is located (high-risk or low-risk flood zone), as this can offer you an added level of protection.

Both personal and commercial flood insurance policies can be purchased via the National Flood Insurance Program (or NFIP), which the Federal Emergency Management Agency (FEMA) oversees. High-risk flood regions are designated as “A” or “V” zones on FEMA’s flood maps. If you’re based in one of these areas and have a federally-backed mortgage, you must carry flood coverage. Some lenders in low-to-moderate-risk zones may also require their borrowers to have flood insurance.

Federal Disaster Assistance

If you’re located in a high-risk flooding zone and are a recipient of government disaster aid, you’re required to maintain flood coverage to be eligible for future assistance. This aid can take the form of either low-interest loans from the U.S. Small Business Administration (SBA) or grants from FEMA.

Nonprofits and agricultural businesses that have 500 or fewer employees qualify for SBA disaster loans. According to Floodsmart.gov, the average FEMA disaster grant is approximately $5,000 per household. For reference, the average flood insurance claim in 2018 was over $40,000 (down from $91,735 in 2017).

About the NFIP

If you’re a homeowner, the NFIP covers up to $100,000 for building contents (furniture, clothing, electronics, valuables up to $2,500, etc.) and $250,000 for your physical structure. For business owners, the limit is $500,000 for both coverages (equipment and inventory are included in contents coverage). This program offers replacement cost coverage for your house’s structure.

For belongings, the NFIP only provides actual cash value (ACV) coverage. This signifies that you can recover your possessions’ current value. This amount could be substantially lower than their replacement cost, especially if they’re old and have experienced depreciation over time.

How Much Does Flood Insurance Cost?

According to the Insurance Information Institute, the average premium for flood insurance in 2018 was $642. That year, the average amount of flood coverage equaled $257,000. However, there are multiple factors that typically influence the cost of flood insurance. These include:

  • Your area’s flood risk
  • Your property’s age and construction
  • Your chosen limits and deductibles
  • Your contents’ location (ground level or elevated?)

As with any other type of insurance, be sure to carefully evaluate your needs and budget before selecting a flood policy. You should also know that starting in October 2021, FEMA will introduce a new NFIP rating strategy known as Risk Rating 2.0.

This strategy is designed to determine flood insurance premiums more accurately based on more specific factors, such as proximity to water sources and the cost to rebuild a property. Part of the objective of Risk Rating 2.0 is to narrow the gap between flood insurance premiums for homes with different values (low vs. high).

Speak to the Flood Insurance Experts

Reach out to the professionals at JMG Insurance Corp to learn more about flood insurance and its benefits. Since 1916, we have been dedicated to serving the insurance needs of clients throughout Connecticut, New Jersey, New York, Hawaii, and Massachusetts and to building long-lasting relationships with these clients. As an independent agency, we work closely with several stable and reliable insurance carriers.

JMG works closely with the NFIP to offer both commercial and personal flood insurance. Our policies include building and contents coverage, so you don’t ever have to worry about your property not being protected.

The former coverage will protect your home’s structure, as well as your plumbing and electrical systems and HVAC equipment. The latter coverage will protect your furniture and electronics, among other things. For commercial policies, a 30-day waiting period often applies.

Call JMG Insurance Corp today at (844) 304-7332 or visit us online for more information about our flood insurance policies.

Primary Sidebar

Get Started!

  • *If your state is not shown, then JMG may not have a market for this state.
  • This field is for validation purposes and should be left unchanged.

Footer

JMG Insurance Corp Logo

JMG Insurance Corp has been serving the insurance needs of our clients in Connecticut, New York, New Jersey, Massachusetts, Rhode Island and Hawaii since 1916.

  • About Us
  • Blog
  • Careers
  • Contact Us
  • Our Locations
JMG Insurance Corp 29 Haviland Street Norwalk, Connecticut 06854 1-844-304-7332 1-203-857-7848
Google Rating
4.8
John M. Glover Insurance Agency
John M. Glover Insurance Agency
4.8
Tammy Weiner
Tammy Weiner
14:53 09 Aug 23
Amazing personalize service. They were able to consolidate all of my insurance needs and save me a lot of money, while also upgrading my coverage and making sure all of my needs were met even in potential unforeseen circumstances. Would highly recommend, and I have not been so pleased with an insurance agency in many many years.
Dani
Dani
14:24 06 Aug 23
I have held multiple insurance policies through the John Glover agency, for as long as I can remember. The company is wonderful! All of the staff members are kind, personable, compassionate, and speedily efficient! I highly recommend them!
Chris R.
Chris R.
11:34 25 May 23
I have been a client (auto, home, and umbrella) for several years. The entire team at the agency is excellent. Francesca is always prompt in getting back to me, and the claims group is great. I also purchased a life insurance policy through them as well.
William Schrade
William Schrade
18:25 26 May 23
I'm so pleased with the service at JMG Agency. They shopped and saved me money on my policy even when I didn't request it. I needed insurance in another state where they are not licensed to sell but they went the extra mile and found an agency to rewrite my policy saving me almost 50%. I have complete trust in my agent Francesca and her assistant Crystal. I highly recommend this agency.Bill Schrade
Melanie Craig
Melanie Craig
11:13 08 Aug 23
Our agent
See All Reviews
powered by Google

© 2025 JMG Insurance Corp · Powered by 321 Web Marketing · Website Privacy Policy

Link to company Facebook page

Link to company Instagram page

Link to company LinkedIn page