How to Get Renters Flood Insurance

Tuesday, September 04, 2007
 

Instructions

Things You’ll Need:

  • Itemized list of your belongings and their approximate total value

Evaluate Your Risk Level

  • Step 1:
    Examine your community, and determine whether you live close to a lake, river, creek, levee, dam or path where melting snow may flow and damage your property.
  • Step 2:
    Determine whether your rental property is in the 100-year flood plain, the 100-year sheet flow flooding area or the 100-year stream flood area, as determined by the Federal Emergency Management Agency (FEMA).
  • Step 3:
    Contact your city government, and obtain a map of the 100-year flood plain in your area. Ask for the FEMA flood-risk level for the area in which you rent property.
  • Step 4:
    Estimate the cost of any items that are regularly stored in a basement. You need to deduct these costs from the total value of your belongings, as these items will not be covered by flood insurance.

Get Renters Flood Insurance

  • Step 1:
    Determine the dollar amount you want for renters flood insurance. The National Flood Insurance Program will only cover contents up to $100,000.
  • Step 2:
    Contact a reputable insurance company through FloodSmart.gov, or ask your regular insurance agent for a flood insurance quote (see Resources below). Flood insurance rates are set by the government and are not negotiable. However, you may get a discount on your other insurance if you have multiple policies with one company.
  • Step 3:
    Arrange the terms of your policy and payment. Realize that unless you live in a high-risk flood area, you will have a 30-day period before your coverage begins. This means you will not be able to file a claim until 30 days after you get a policy.

Make a Flood-Safe File

  • Step 1:
    Take your itemized list of belongings, and document each major item with a photograph or video and a receipt of purchase (if available).
  • Step 2:
    Place your documented list in a flood-safe file or store it electronically.
  • Step 3:
    Update your flood-safe file at least once a year in order to ensure that your list stays current.

Tips & Warnings

  • You can only purchase flood insurance if the community in which you live participates in the National Flood Insurance Program (NFIP).
  • Twenty-five percent of all flood-damage claims come from areas that are deemed minimal risk.

Resources


How to Get Renters Flood Insurance Provided by eHow.com
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